Subject: File No. S7-12-06
From: Patrick R Sweetra

May 3, 2007

Reg SHO is a joke. You've created this and it's done nothing. The amount of FTD's at this point is increasing every trading day and has reached a point of no return. If you were to call all the FTD's you would crush the U.S. economy. There is nothing that can be done and it's a matter of time before the problem rears it's ugly head. I wish this were not the case as I am an honest investor and I stand no chance against naked shorts created by the B/D's. The grandfathering of FTD's was the legalization of market manipulation, let's call it what it is stealing. You've set the wrong precedent in the past and I really don't see your organization taking steps to do anything at all to change this. It's a house of cards right now and it's going to come crashing down.