Subject: File No. S7-12-06
From: patrick k cluney

March 27, 2007

For the last nine years i have invested in the stockmarket. I have lost right at $300,000. Because of this, i have made it my job to do the research needed to find out why. Am i that stupid, or have i been ripped off.

After my research, i have come to this conclusion. The markets are in severe need of overhaul. In particular, the hedge funds, broker dealers need to be watched, and overseen daily.

The FTD's are enormous, and the Grandfather clause is an injustice for all Americans. How it could have been implemented in the first place is of grave concern.

Of even furthur grave concern is the continued procrastination of the SEC to make the inevitable correct decision, and do away with this Counterfeit Naked Shorting.

I am concerned that America has lost all the political rightness we once had. Chairman Cox, please step up, and do your job, do the right thing for all stockholders, more comments for failing to deliever a person's rightful purchase in a three day period, are not needed.

What is needed sir, is a true leader. Close the loopholes, and satisfy every purchase with a documented seal of delivery in a three day timeframe.

My last request, is to do it now, without furthur delay.