From: Thomas Fisler
Sent: July 26 , 2006
Subject: File No. 4-500

I consider the ability of firms to naked short to be a very real cancer on the system. Unfortunately, some firms will short beyond their ability to "cover" with cash on hand if the stock goes up. They then short more to try and keep the stock price down.

All borrowed shares used to short must be delivered within three days. A fee to borrow needs to be instituted to be paid to the owner, not just on the whim of the broker and unknown to the owner.

I also personally think hedge funds need to be regulated.

Get tough, or this could turn into another S+L crisis.

Thomas Fisler