Subject: File No. S7-20-08
From: J Menard

August 16, 2008

Naked short selling is invariably done at the expense of little people who lack the resources, saavy, time and ruthlessness evidenced by the large naked short sellers who are accountable to no one.
They prey on anyone they can, with no regrets.
I can't believe the SEC and other governmental agencies have allowed and condoned such amoral and immoral behavior to exploit individual citizens for so long.
Is it too late to address this problem? Absolutely not, though it should have happened a long time ago and there should be enforceable safeguards in place to prevent this type of activity.