Subject: File No. S7-19-07
From: Gale L Ormiston

July 17, 2008

Naked shorting is an act of fraud that even a fifth grader can understand. It represents the counterfeiting of shares - selling shares that don't exist and likely will never be required to be so. Your enforcement is a joke - a very bad one. I demand that such practice be made illegal and enforced, something that remains beyond your ability except when it concerns your well connected "vital" friends. Do the right thing and resign your positions and let those who will do the job take over.