From: John O'Brien []
Sent: December 9, 2003
Subject: File No. S7-23-03

To Whom it May Concern:

I invest some of my savings in securities and recently have begun to realize the American trading system lacks integrity. Had I known the practice of "naked shorting", a synonym for selling what doesn't exist, was taking place in the OTC and Pink Sheet markets I would have stayed away and saved myself a sizable chunk of my savings. I now understand why I got such a runaround from the brokers when I requested delivery of my certificates. I was encouraged instead to sell my investment - for a commission - while all along the legitimate company issued shares that I thought I paid for didn't even exist!

Naked shorting is an industry racket that artificially depresses the price of securities by flooding the market with "stock credits" - market makers who sell these phantom shares enjoy greater leverage than if they were required to borrow stock and deliver within a reasonable period of time as do the regular shorters like me. There should not be two types of shorting, one for the public and another for people in the industry.

Delivery of securities should be made commensurate in time with payment for securities.

John O'Brien