Subject: File No. SR-NASD-2004-044
From: Paul Vuksich

December 12, 2005

The naked short problem is against companies at the bottom of the public market - no the top. If major US public companies e.g. GE suffered extensive naked short positions, the entire Wall Street system would collapse. The typical hedge fund customer needs to be able to put their long money into something that isnt the subject of counterfeiting watered stock in 1929 lingo.

Of course, the future of America is the reverse, i.e., companies at the bottom of market are the future while the large companies will die. The proposed rule exempts an aggregate fail to deliver position at less than 50,000 which exemption continues to give members a perfect opportunity to destroy small public companies through a watered stock system. Its stealing. All the small public company wants is a fair chance to succeed or fail in a fair market. The 50,000 exception should be deleted.

If the NASD truly seeks to correct the naked short problem, it should decentralize the electronic clearing function to the transfer agents for each public company. That would end all of this fraud. But perhaps that is not the objective.

Thank you for this opportunity to comment.