Subject: File No. S7-08-08
From: Tom Nappi
Affiliation: Lost money in the market due to naked short sails

September 21, 2008

Finally Cox has changed the rules for naked short selling or has he??

What about the all the existing short sales?? notice - he said nothing about them
What about the emergency order not to exceed 30 day ??
The scam is not up - the way I read the regulations they ( the short sellers) have 13 days to repurchase the securities.
But this order - or parts of it presumably expire before then
on Oct 2 - So basically until Cox comes out with complete rules to include all the existing and future short positions exemption etc-- and reporting of them
He has only attempted to put the investor at ease with out actually making any fundamental change
We have until Oct 2 to get out of the market