Subject: File No. S7-20-08
From: Jeff Baldus

July 22, 2008

Why doesn't your department uphold the law for all securities. There should not be any securities under reg sho.

The way I look at this situation is it is technically no different than a backroom counterfeiting operation of currency.

The lax regulation by your department and all of the members participating in this fraud should be held criminally and monetarily liable for the losses created in this gross negligence over this matter.