From: Arnold Orlander
Sent: Thursday, June 30, 2005
Subject: Naked shorting

There needs to be some type of enforcement along with criminal as well as financial penalties with "fail to deliver" securities in a reasonable time. A good first step would be to disclose the name of the party(s) responsible especially the brokers, market makers and hedge funds. Transparency is essential if the S.E.C. is to be trusted by the public.