Subject: File No. S7
From: cynthia gracey, esq.

January 15, 2007

It should be very simple....settle the failed trades or have those who don't settle the trades relinguish all profits made by their illegal activity or go to jail.

Stop the illegal redistribution of money that is happening under your watch through Reg Sho, stop supporting the hedge funds, market makers and broker dealers over the average retail investor, stop slapping the wrists of those who do illegal trades by allowing them to neither "admit nor deny" their illegal activity and then adding insult to injury by giving them miniscule fines in comparison to their profits gained through their illegal activities.

Stop all possibilities of failure to deliver stock that has been rightfully purchased by long investors.

Oh and no one from the Sec should be able to get a job workinng for a hedge fund or broker dealer or investment capital firm for 5 years before or after working for the SEC. Sound simple? It is.

Middle America is watching you very carefully. You have failed us and should be graded with an F to date. Major reform of the institution of the SEC should be required unless you do your job.

An average Shareholder disgusted by SEC failures to protect those they were created to protect