Subject: File No. S7-19-07
From: John C Coenen

July 17, 2008

I am totally disgusted with the lack of enforcement in the area of naked short selling, the SEC has failed their mandate in my opinion. The rules should should provide "jail time" for anyone caught selling short without legitmately borrowing the stock. It is amazing the way a hedge fund can short a small company into bankruptcy and never have to pay taxes on their profits. They are basically stealing from the longs by counterfeiting stock. It's a bunch of BS. NAKED SHORTING should be a felony offense.