Regarding proposed rule changes to DTC by lawsFrom: David Salk [dsalk@clipon.com]
Sent: Thursday, March 06, 2003 9:58 AM
To: rule-comments@sec.gov
Subject: Regarding proposed rule changes to DTC by laws

It is abundantly clear that there are a significant and growing number of 
companies that have lost faith in the trade settlement system. The DTC owes 
it to the entire investment community to perform a thorough investigation of 
the allegations of naked short selling and lack of settlement of trades before 
making any proposals to the SEC that further restrict companies from exiting 
a system that may have some serious if not fatal flaws/loopholes. 

If we are to learn from the lessons of Enron, Worldcom and other Wall Street 
disasters, it means that we must learn to be more pro-active in recognizing 
and correcting these problems. Attempts to discredit these issues without 
proper investigation invites disastrous repercussions for the securities 
industry and investor confidence which is extremely shaky, at best.

The DTC is a monopoly - we have anti-trust laws to protect the public from 
lack of competition. It is therefore incumbent on the SEC to refuse the request 
of the DTC to modify its bylaws until a complete and thorough investigation of 
the allegations made by companies who believe they have been victimized by naked 
short selling and lack of settlement of trades.

Sincerely

David Salk


-- 
David Salk
e clips
5762 A Peladeau
Emeryville, CA 94608
510-923-0568 x 111
510-923-0598 fax
dsalk@clipon.com