Subject: File No. S7-12-06
From: Paul Batchie

April 20, 2007


Regulation SHO is not working and evidently isn't even being enforced. When a company like Overstock can be on the list for 500 days, when Dendreon can be under such perennial short attack, something is terribly wrong with the system.

How much damage to the economy does this corruption and waste do? How much medical progress is inhibited when the Dendreons have to put segments of their pipelines on hold because they can't raise enough money due to their artificially low stock price?

The markets in our nation are shot through with systemic corruption, and it quite seems to this observer that aside from a few celebrity cases the authorities have acquiesced. The whole nation pays for this, in many serious ways.

Paul Batchie