Subject: File No. 4-500
From: Ronald S. Knutsen, St. Paul, Minnesota

May 31, 2005

To Whom it May Concern;

As a very small fish in a very large pond, I continue to be appalled, although not surprised, by the fact that so few are able to get away with so much. I was always under the impression that counterfeiting was illegal under any circumstances.

I once knew a person who made copies of fifty dollar bills on a new, "state of the art" copy machine at his place of work and passed a few off as legitimate in the marketplace. For this, he was arrested by the Secret Service, who entered his home unannounced and took him into custody. He ultimately served one year in prison. I have tried to understand how naked shorting is different, and the only real difference I see is how vastly bigger the numbers are in the latter.

I would, as I am sure so many others would, like to believe the SEC is truly acting in accordance with its mission statement, instead of, it seems, turning a blind eye to the actions of the big investors, whose actions, in turn, hurt the chances of the small investor to capitalize on investment decisions they have made which very often would, under fair and equitable circumstances, be both prudent and beneficial to the small investor. Such abuses of power should never be tolerated under any circumstances. Those of us who invest in (legitimate) companies, albeit on a much smaller scale, should have the same opportunities to profit from our good decisions as we suffer from our bad ones. Not only is this fair and just but, I believe, good for the economy as well.

To summarize, I would ask that the SEC do the right thing and put a stop to this rampant abuse of a system which has gotten out of control to the detriment of those who are attempting to do nothing more than make their lives better by investing in a more affordable venue without the benefit of knowing (probably in most cases) how faulty the system is. I, for one, am not an experienced investor, and did not know that such abuses existed when I first entered the arena. I simply believed, as I am sure most do, that if I invested in a legitimate company and the company did well, so would I. To the seasoned, complicated, rich, and powerful players in the marketplace, this may seem a simple-minded thought process. To the rest of us, it seems entirely reasonable, logical, and just.

Thank you for reading this.

Sincerely,

Ronald S. Knutsen
St. Paul, Minnesota