From: Linda E. Nissen [lichn1@attbi.com]
Sent: Tuesday, May 13, 2003 9:07 PM
To: rule-comments@sec.gov
Subject: (s7-24-99) Short Disclosures

Presently watching CNBC and the discussion on disclosure
for short positions.  HOORAY!  As a trader, I avoid shorting
because I believe there is something morally wrong in 
selling somebody else's shares, thereby decreasing the
value for the real owner, who perhaps has been investing for
years for his/her retirement.  The short seller steals all or
part of the rightful owner's profits.  I am encouraged to see
the SEC proposing some fair restrictions and rules for the
shorts.  You are doing a great service to millions of honest,
hard-working folks who have diligently been putting a little
money into investments for years, and would like to have
it intact for their retirement.   The shorts had at least some
influence in the severity of the market declines over the past
three years.  Many long-term investors lost all faith in the
market and have sworn they will never buy stocks again. 
President Bush's tax free dividend package would have
made a little equity risk worthwhile for these folks.  Everyone
likes to "earn" a little tax-free money, and that in itself is
incentive.  (Unfortunately it does not appear that meaningful
tax relief for dividends will pass.)  Your attempt to put some
restrictions on short positions, will also help the burned
public get the nerve to try equities again.  Most all investors,
no matter how casual or small, who lost many years' of investments during the past three years, are keenly aware
of the wealth the shorts walked away with.  Old-fashioned
integrity says if you don't have the money, you can't buy it; and if you don't own it, you can't sell it.  Short selling is
legal theivery.  The political pressure may be such that it
can't be absolutely disallowed, but any restrictions you put
on it level the playing field for regular folks who would like
to invest without fearing rip-off be the shorts - who by the way, seem to be proliferating.  That you are addressing this
problem is encouraging as a step in the right direction for
making our markets healthy for all.
 
Respectfully
 
Linda E. Nissen