Subject: Naked Short Selling Re. Release No. 34-58107

July 16, 2008

Dear Rule Committee Members:

Please eliminate all Naked Short Selling and at the very least prosecute those failing to make delivery to the full extent of the law. This problem has escalated to such an extent that shareholders have suffered shamelessly by these charlatans masquerading as investors or professional investment managers with no intent to deliver the shorted stock in the prescibed time.

Option investing, puts and calls, at least have an expiration date and the investor will suffer the consequences of a wrong call when he miss-judges the direction of the underlying stock.


Kenneth Phillips
Individual Investor