Subject: File No. S7-20-08
From: Michael Kain

July 29, 2008

Naked short selling and short selling on downticks is/or should be clearly a criminal activity... AND ENFORCED VIGOROUSLY Manipulation downward of stocks was opened wide after the elimination of the "uptick rule" by the SEC in July 2007. The criminals moved in and have devastated the value/assets of all investors and public companies. Yes, a very few have greatly benefited by this abuse and they are currently lobbying hard to prevent any rules that would inhibit their continued abuse of the market system. A harsh lesson was learned from the 1929 market crash and the abuse then that short sellers created. In 1934 the SEC short selling "uptick" rule was enacted to prevent further abuse... that rule must be reinstated with a specific minimum "uptick" value established (such as 25 cents) to prevent continued market instability/criminal activity and restore confidence from investors around the world that the U.S. will not accept criminal activity destabilizing our markets