July 20, 2006
File #S7-12-06 Amendments to Regulation SHO: The only amendment the country needs is for the laws of the land to be enforced. Taking payment for goods not delivered is fraud. The equities market must be held to the same standards as any other business. No delivery, no payment. If payment is accepted without delivery, face the criminal consequences. This ought to apply to every link in the chain of fraud. Self interest will then provide a truly self regulating organization. The "grandfathering" sham must be undone. No one granted the right to the s.e.c. to pardon felonies. You severely overstepped your bounds. The argument for allowing the creation of counterfeit shares in order to maintain liquidity is a sham. How much liquidity will the markets have when the investing public totally loses faith in the honesty of the capital markets responsibility to deliver the goods that were paid for? You people are being paid by the public to insure that the markets are fair and equitable. It isn't brain surgery. No delivery, no payment. Commit a crime, suffer the cost. Serious disregard for the law, go to jail. Start doing the job you are being paid to do. If not, you ought to be terminated for cause. With total forfeiture of accrued benefits. Thus far your performance has been dismal. Get on the stick.