Subject: File No. S7-12-06
From: Steven Walker

March 27, 2007

I really don't understand the extension. 99% of responders feel Reg SHO is a complete failure. Are you hoping we will change our mind? Are you stalling? Why? Fix it. STOP NAKED SHORTING. That's the message I get when reading the comments. Personally, I would like to know WHY the grandfather clause was instituted in the first place. To protect the guilty? The longer you take, the MORE questions are going to be asked and MORE people will be asking them. PLEASE fix the problem, THEN prosecute the offenders to the FULLEST extent of the law. When Chairman Cox asked in December, when this would be addressed, the answer was early '07. With this extension, at the very minimun, we are looking at May. When 9 out of 10 people are asking for justice, stalling is NOT an option. Is our country still built on "of the people, for the people, by the people"? The people have spoken. FIX IT. PLEASE