Subject: File No. S7-12-06
From: P. Bursley
Affiliation: Credit Counselor (Ret,)

July 29, 2007

Chairman Cox and SEC Commissioners....

Have you no shame? The question is rhetorical, of course, as that answer by now is quite evident.

You have eliminated the uptick rule with all due speed (which only aids your shorting pals on Wall Street), and have yet done nothing to eliminate the Reg. SHO grandfather clause. Furthermore, you have not enforced rules against naked shorting nor eliminated the options market maker exemption which has allowed the fraudulent dumping of millions of phantom shares into what is supposedly a market based on supply and demand. It is NOT an "unlimited supply market", which is the result of your inaction.

Mr. Alan Newman, a most respected observer of financial markets has repeatedly sounded the alarm over an impending economic crisis caused by your oblivion to the obvious.

His latest warning can be found here:

I urge you to do your job of protecting investors and our markets from runaway fraud and outright theft.

Or is it a silly notion to expect any action from you?