Subject: File No. S7-12-06
From: Gary Wright

July 27, 2006

Every short share should have a borrowed share to match. It is as simple as that. Anything else is goverment sponsored gaming. Also, it should be implemented immediately without the farce of a 'grandfather clause'. Please, do something that will level the playing field for all investors, especially the small retail investor who loses money daily due to such games as 'naked shorting'. Thank you.