Subject: File No. S7-12-06
From: Michael E Ryer
Affiliation: investor

March 27, 2007

It is time to ELIMINATE the grandfather clause and the COUNTERFITING OF STOCKS.....IT IS ABUSE IN THE HIGHEST ORDER. If you choose to continue this practice then there are NO LEGAL GROUNDS for the federal government to prosecute the illegal manufacture of US tender....

I end with this comment from Mr. Cox....
"New congressionally mandated oversight of credit rating agencies by the SEC and combating abusive "naked" short selling are other areas where the SEC is focusing, according to Cox. He called the SEC's past efforts to address short-selling abuses "inadequate" since some pre-exisiting short sales were exempted from stricter rules by a "grandfather" clause, and said ending the exemption "will further tighten" short sales and help eliminate abuses. "

thank you....

An american, and an investor that is fed up.
Michael E. Ryer