Subject: File No. S7-12-06
From: Chris Hurwitz

March 27, 2007

One question: How long will the SEC push back the cancellation of the grandfather clause? How long will the SEC continue to let Fail-to-Deliver corruption undermine world-wide confidence in our security markets?

This timeline has slipped five months. If a city's police force claimed it was going to crack down on organized crime last Fall, and continued to delay that crack-down, the public would being to assume the police had no intention of cracking down, or simply that the police were allowing organized crime time to reorganize and cover their tracks.

This situation is no different. These delay reek of corruption and pandering to the criminal elements driving market manipulation that costs investors billions of dollars.

The quetion you need to ask yourselves is simple: How long can the charade continue before investors abandon US markets en masse, moving their assets to other investment vehicles and foreign markets whose regulating agencies demonstrate more bite than bark? No different than people moving away from a city infested with organized crime and complicit police.

With the US dollar sliding against the Euro, the ominous rise of the Petroeuro, and the US real estate market trembling, world-wide investors have many brighter pastures for their assets than US security markets.

Nutshell, they don't need any more reasons to doubt the stability or viability of US markets.