March 31, 2007
Chairman Cox,
Settle the trades. As you know, Congress requires that you do so.
Close the market-maker exemption. The fails are concentrated in a small number of issues.
Call in the illegally "grandfathered" fails. There is no excuse for fails measured in years rather than days.
Enforce our securities laws.
Do it now.
As you can see, we insist.
M. Shearer
Dallas, Texas