From: Jeff Yates [jyates@qldnet.com.au]
Sent: Monday, December 01, 2003 12:46 AM
To: rule-comments@sec.gov
Subject: File No. S7-23-03

Dear Sirs,

Re: Regulation SHO - Naked short selling.

I believe that there is nothing wrong with bearish sentiment or controlled
short selling, but unlimited naked short selling is economic nonsense and
can never be justified by any sort of rational or logical thought.

If everyone was allowed to sell any stock naked short without limit then no
market would be possible. Following the rules as they are now applied to
OTCBB market makers, I alone could sell IBM and Microsoft both down to zero
and become a multi-billionaire in the process, as could anyone!

Selling what you don't own, can't produce and never have to deliver is
simply fraud and no amount of esoteric argument  or mental masturbation can
change that.

J & N Yates