Subject: File No. S7-12-06
From: John Britland

April 21, 2007

The fact that the SEC continues to hold the rescission of the grandfather clause in abeyance is very telling to me. Its clear that the very people assigned the task of protecting us, the small investors, are not only complicit with the powers defrauding us, they are hindering any effort to provide transparency.

The testimony of Gary Aguirre before the Judiciary Committee, and the committees resulting conclusion that the SEC is either inept or obstructing justice is very troubling. Particularly, in light of the obvious foot dragging that is taking place with Reg SHO. Recently on Bloomberg, a segment titled Phantom Shares was aired which presented a very ominous look into the way Wall Street does business, and all with the apparent blessing of the SEC.

Another example of the SECs do nothing attitude was hinted at in the allegations (backed by evidence obtained from the SEC itself) which were detailed in a recent Eagletech lawsuit citing collusion among a whos who on Wall Street and the 5 organized crime families in New York. Imagine, a RICO action involving the Wall Street elite. The mob was prosecuted, but the pillars of society that enabled them got a free pass. I cant wait till that suit goes to discovery.

Last, but probably not least, we have Jim Cramer who was issued a subpoena from the SEC and decided, publicly, to flaunt his arrogance by writing BULL on the front of it and tossing it on the floor during an airing of Mad Money on CNBC. In addition to this display of condescension, a recent video interview on Stockwire has been widely circulated that has shown Mr. Cramers contempt for the SECs inability to understand whats going on, as he described how he and other Hedge Funds have been able to manipulate markets with impunity.

I believe the SEC has been hopelessly compromised by the very entities they were sworn to regulate. I also believe that a special prosecutor should be appointed by Congress to mandate transparency, and rout the corruption that quite obviously permeates this so called Regulatory Body. We need to get to the bottom of this. The SEC cannot police itself, and has shown nothing but contempt to those in Congress who have attempted to do so.

Indeed, the SECs ineffectiveness has become part of the problem. We, the small investor, must pick up the gauntlet and motivate Congress to find the courage to conduct a thorough investigation, without biased political interference. When the facts finally come out, I have a feeling the shouts will be loud and strong to dismantle the SEC, as it has outlived its usefulness.