From: brian mcgovern [magoo@mvn.net]
Sent: Sunday, November 30, 2003 10:09 AM
To: rule-comments@sec.gov
Subject: File No. S7-23-03:
Dear Mr. Katz:

I am an ordinary investor and citizen.  I have never shorted a stock but 
may some day.

I ABSOLUTELY SUPPORT THIS RULE.  NOT A SINGLE SHORT SHOULD BE ALLOWED TO 
OCCUR WITHOUT A MATCHING SHARE.  THIS INCLUDES MARKET MAKERS AND SPECIALISTS.

This rule seems so simple and logical that it is hard to believe that naked 
shorting even exists. That is, that we are debating this issue and putting 
forth this rule is necessary.

A stock cannot be bought or sold without having a stock to buy or sell.  If 
this rule reduces the liquidity of a stock then so be it.  The market will 
take care of this.  If there is is an imbalance between sellers and buyers 
than the bid and ask MUST be adjusted, not artificially manipulated by market 
makers or specialists, or others.  This rule should apply to ALL markets and 
stocks.

I urge you to pass this regulation, and perhaps more importantly. ENFORCE IT!  
I believe that the organized manipulation in this area makes Martha Stewart 
look like St. Teresa.

Sincerely,

Brian McGovern