November 11, 2003
Jonathan G. Katz, Secretary
Subject: File No. S7-23-03
Thank you for the opportunity to comment on the proposed Regulation SHO. I will be brief. Nevertheless, I must first state that I am very disappointed with the execution of your primary mission of protecting the American investor. Your failure has cost many individuals dearly.
Now, after years and thousands of protests, you are proposing new regulations to stop the practice of naked-shorting. While it is a good start, it doesn't appear to be the final result we investors wish to see.
First, any regulation you implement must provide for Affirmative Determination across the board for all securities, even OTCBB pinks and grays.
Second, any regulation you implement must provide for prompt and complete Trade Settlement across the board for all securities, even OTCBB pinks and grays.
Third, eliminate the concept of "self regulation." It does not work. The rape of the American investor, now spread across the front pages of every newspaper thanks to the NYAG, speaks for the magnitude of the failure.
Again, thanks you the opportunity. I remind you that today is Veteran's Day. We honor the courage and sacrifice of those who fought to preserve our freedoms. One of those "freedoms" is not the right to steal. I challenge you to step up and find the courage to stand against those who illegally manipulate our markets. Considering the task of our veterans, yours should be easy.