Subject: File No. S7-31-08
From: Matthew R. Loeffler, CPA, CMA, CFP
Affiliation: BNY Mellon Wealth Management

November 20, 2008

What steps are being taken to ensure that no collusion is being under taken among short sellers in hedge funds? Further, what regulations, or processes, are in place to ensure that international investors are not overwhelming short sale hedge funds with capital?

Matthew R. Loeffler, CPA, CMA, CFP
BNY Mellon Wealth Management
Senior Director of Sales
100 State St.
Suite 200
Erie, PA 16507