Subject: File No. S7-19-07
From: Keith Kottwitz

September 17, 2008

It is quite clear now that not only has this been a problem for years but the fact that the DTC has on record more shares in companies than they have issued.
These false long figures have to be unwound until you can reconcile your balance of shares and loans to what is reported to customers by the brokers.
I bought shares in the businesses I chose to invest in. If I wanted to buy future delivery contracts I would have bought options and then only with concrete dates of delivery. You can not introduce a new investment instrument to cover the DTC's shortage of stocks certificates.