Subject: File No. S7-19-07
From: Jeffrey W. Putnik
Affiliation: Asset Manager, IBM Corporation

July 16, 2008

The World looks up to the United States Government due to the high degree of integrity it has built since Bretton Woods.

Proof of naked short sales, I am unable to provide.

By the grace of that which you hold sacred, I respectfully
request your attention to the Gold Mining and exploration stocks. A good place to start could be: Royal Gold

In light of current events in the Financial markets, the weight of this matter is evident. Your reputation will soon be judged.

Very respectfully,

Jeffrey W. Putnik