Subject: File No. S7-12-06
From: Carlos Molina

January 17, 2007

I am a small investor that has been hurt badly over the past decade by the malignant practice of "naked" short selling. The companies I had invested in were devalued by this malicious practice. How can we pretend that this did not happen. I was essentially stolen from over a ten year period. And Regulation SHO, and it's Grandfather Clause gives these people a license to not care. They have no intention of covering their shorts. And why should they. They sold something they never owned, and according to the SEC it's ok because it happened before a certain date Where did the money come from? From small investors like myself. Please Right this Wrong and eliminate this terrible grandfather clause.