Subject: File No. S7-12-06
From: Thad Lurie

June 5, 2007

Comment period ends on April 30th, eh? We've heard that before. How long will you wait and do nothing this time? Six months? Longer? Well done, indeed.

Fails must be stopped. You know this, and yet are not willing to take action. Why? No suitable answers have been provided. You have acknowledged that fails are a huge problem. You have acknowledged that investors have a right to be angry. And yet NOTHING IS DONE. Enough talk. ACT. You're the only ones in a position to do something about this - don't you realize that?

Take a moment with your conscience. Don't think about how many insiders will be angered, how much angst will be caused to the illegal shorters - just think about doing what is obviously right. End the fails. Make them settle. ALL of them, especially those that were illegally 'grandfathered' in.

Awaiting your action.