April 16, 2008
Ms. Nancy M. Morris, Secretary
Securities and Exchange Commission
100 F. Street, NE
Washington, DC 20549-1090
Re: Release Nos. 34-57511 File No. S7-08-08 – Naked Short Selling Anti-Fraud Rule
Dear Ms. Morris:
It is wonderful to hear Chairman Cox continue to speak about the abuses of naked short selling and the need to end these fraudulent practices. I agree with the need to strengthen Regulation SHO through the elimination of the grandfather provision, and the proposed elimination of the options market maker exemption.
But the abuse still continues. It is time for some real action and not just talk. The market maker exemption needs to be illuminated now. The current proposal does not address the critical aspects of this issue but is another example of not looking out for the little investor..
Serious settlement failures will persist unless the SEC takes real corrective action. The time for your endless posturing has past and the time for some real action is here. Specifically, the SEC should require that all short sellers to have a firm locate and start letting the public know just how big the problem is with a lot more transparency.
Members of Congress, and the U.S. Chamber of Commerce have called repeatedly for these changes. The SEC should start taking real action.
Sincerely,
Robert W. Raybould, President
Enteleke Capital Corp.