Subject: File No. S7-20-08
From: Thomas C. Hamilton
Affiliation: Registered Investment Advisor

August 10, 2008

I strongly feel that naked short selling should be permanently banned.
Allowing short selling without first obtaining the shares makes a mockery of any investment and turns into a gambling venue. This encourages "bear raids" by large institutions without regard for any serious investor.
Without a fair and level playing field, the average investor will desert Americas security exchanges.