May 12, 2008
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.
I own shares in Medis, MDTL, now on the Reg Sho list for 695 days and the law says, no publicily traded company shall remain on this list for over 13 days? Please enforce the law.
cc: Senator Christopher Dodd, Chairman, Senate Banking Committee
Representative Barney Frank, Chairman, House Financial Services Committee