May 11, 2008
Nancy M. Morris, Secretary
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-0609
Re: file 4-557 NIPC Rule Petition - Customer Account Rule
Dear Ms. Morris:
I support the NIPC rule petition (file 4-557). Please consider this petition immediately and take appropriate action as soon as possible. It is my understanding that the manner in which this petition has been filed will inevitably lead to the judiciary compelling the commission to answer and comply with federal securities laws, should it choose to take its typical stall and ignore tack. Please, let's avoid this time and resource consuming path which has gotten us to this point, and realize that the sooner solutions are brought to bear on this crisis the better.
I object to the fact that the SEC is actively authorizing market participants to redefine "security" in customer accounts past the settlement cycle (T+3) as defined in federal securities laws. This is federal sponsorship of securities counterfeiting which unleashes an unrelenting attack on both our industry and our investors. The SEC may not unfairly discriminate against certain market participants and are thus in violation of Section 6 (b)(5) of the Securities Exchange Act of 1934.
We can see how after many years of unnecessary delay, this petition will prove an effective method of finally forcing the commission's compliance with the law, whether it be sooner or later. Please make it sooner; in the words of the great American Rod Young, "Do your job."
cc: Senator Christopher Dodd, Chairman, Senate Banking Committee
Representative Barney Frank, Chairman, House Financial Services Committee