From: roger sooners [familyman_7652@hotmail.com]
Sent: Wednesday, November 19, 2003 4:37 PM
To: rule-comments@sec.gov
Subject: File No. S7-23-03

Comments rergarding recent SEC hearing on Naked Short Selling.

Below is an excerpt taken from the SEC's recent publishing seeking comment 
on Reg SHO.

"At times, the amount of fails to deliver may be greater than the total 
public float. In effect the naked short seller unilaterally converts a 
securities contract (which should settle in three days after the trade date) 
into an undated futures-type contract, which the buyer might not have agreed 
to or that would have been priced differently. The seller's failure to 
deliver securities may also adversely affect certain rights of the buyer, 
such as the right to vote. More significantly, naked short sellers enjoy 
greater leverage than if they were required to borrow securities and deliver 
within a reasonable time period, and they may use this additional leverage 
to engage in trading activities that deliberately depress the price of a 
security.29"

I actually have a few questions that I would like to ask the commission to 
consider and begin discussing.

How can it be possible that someone has been allowed to short more stock 
then exists in the public float of some companies?  Surely this commission 
must know the negative effects this puts on these companies? why are you not 
immediately stepping in and correcting this problem?

My reccomendation is for the commission to immediately force these 
individuals to deliver the stock that they have shorted.  This is flagerant 
abuse.

You might ask, how can these individuals be forced to cover all those 
shorted shares?  Simple, force them to cover all open short positions on the 
open market.  This is the only fair way to do this since the open market is 
where they facilitated this manipulative and abusive activity?  Why are you 
not stepping and stopping this?  Good companies are being destroyed and 
investors are left holding the bag while they watch there money dissapear.

Someone needs to step in now.  Some of these companies are on the verge of 
financial ruin as they are no longer able to raise capital due to the 
depressed stock price that these naked shorts have caused.

Very best regards,

Roger Sooners

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