Subject: File No. S7-12-06
From: Janet Johnston

March 29, 2007

Revoke the Grandfathering Clause immediately

Stop the naked short selling

I don't know what else to say besides this is not right and you know it. It's counterfeiting, call it by what it is and don't protect the ones who did it. What else is there to comment on? When has counterfeiting been legal and who gave you the right to protect the ones who did? It is fraud It is financially destroying our Nation with thousands of jobs already lost. Protect the investors of our Nation not the crooks, revoke the Grandfathering Clause. All confidence in our Markets will be lost if you don't do the right thing here if it already hasn't. It's truly disgusting and greed has gone to far.

CHAIRMAN COX: Abusive naked short selling is of great concern to the entire Commission, to all of our members and the professional staff at the SEC. The regulation that was first adopted to get after this and related problems, Reg SHO, has proven insufficient to stop the problem. One of the reasons is the Grandfather provision in the rule as it was originally adopted, so we are now setting out, as you know, to eliminate that grandfather provision. And we will do more.