Subject: File No. S7-06-03
From: ron sellers

January 27, 2007

Giving a free pass for naked shorting with this grandfather clause is no different then to leave the bank vault doors open and noone is home to watch the bank..

now the politically correct term you beureacrats like to us is..'fails to deliver' well try this, why say its ok, sell stock, take peoples money, but you have a free pass not to give them their stock.. you just gave the brokers, market makers, hedge funds a license to steal..take the money, but don't give them their stock..

only in america.