Subject: File No. S7-19-07
From: john r hoff, jr

July 16, 2008

Hello and a good day to you. I am a small investor. I work during the day as a mechanic. I think it would be pretty honest to say that most of us study a companies fundamentals and invest our hard earned money in a companies stock anticipating that stock will go up in value. When some one sales a stock short they are in reality stealing profits from those who would like to see their stocks go up not down. These are some very trying times for investors the markets already have a tremendous amount of downward pressure on them with out somebody short selling their stock especially when they do not even own the stock they are short selling but are selling naked shorts. If a person wants to profit from the decaying price of a stock they may purchase put options and let the stock naturally rise or fall by the markets.But when a person borrows shares and dumps them on the market to force the price down and repurchase the stock at a lower price to profit from the difference is nothing short of theft of value from all the rest of the stock holders and if naked short is not stopped than your organization is condoning theft of value from normal stock holders. I humbly ask you for your assistance in stopping this practice. If I buy one hundred shares of company X and my brokerage house that is holding my shares for me turns around and loans my shares without my permission to another entity and that person dumps what amounts to my shares on the market driving the price down and repurchases those stocks at half of there previous value and repays my brokerage house the hundred shares plus interest and pockets the difference is nothing short of theft of the value of my stock. eliminating naked short selling will stop this practice