Subject: File No. S7-12-06
From: J. R. Wilson

September 11, 2006

Over a year ago, I wrote to Sen. Shelby and every member of his committee in reference to the corruption existing in our stock markets. I received a 'stock letter' from the good Senator and nothing from any other member of the committee. These folks comprise/ed the primary oversight of the SEC and it's 'control' over the markets to keep and maintain the safety of 'small investors'.

I am certainly gratified to see a request for comments on the 'failure to get what you paid for' situation created by the current Reg. SHO implemented by the SEC and supported and defended by so many of it's employees and Commisioners.

Many of the responses come from highly qualified individuals and ordinary citizens that have taken the effort to educate us all in a highly complex and secrteted area that affects almost everyone's life. There is absolutely NO EXCUSE for a lack of transparency, daylight, and full disclosure of EVERYONE'S position in any security or their ability or INABILITY to deliver what was sold---along with all attendant rights accorded to that purchase.

Many letters have specified the problems with the current 'regulations', the highly questionable 'legality' of them, and a clear and concise pathway to making long needed corrections. As a country, we can no longer tolerate these failures by a 'haven of political appointees' and an 'oversight committe that cannot see clearly".

In addition, I fully support having the Enforcement Division eliminated and their responsibilites handled by the DOJ, the IRS, and DHS. In the roughly 3 years it takes you to bring ANY action, the action is just puny. Who ever HEARD of paying a fine and admitting NO BLAME? It just defies logic

Make the suggested changes-----make them IMMEDIATE. If you are truely out to protect the 'small investor', why would there be ANY delay in implementation? The PUBLIC already thinks/wonders if there are some 'payoffs' going on. Any delay will make them wonder even more.

Thank You

J. R. Wilson