From: James Graham []
Sent: Saturday, February 21, 2004 10:55 PM
Subject: S7-23-03

I am just writing to let you know how disappointed I am regarding the short selling rule being delayed until April 1st. I believe the individuals/groups responsible for using the loophole to "naked" short shares had plenty of time to "upgrade their systems" and they shouldn't have been doing it in the first place, therefore, any warning should be acceptable.

Dr. James Graham, DC