From: Steven Edelman [ieddyi@cox.net]
Sent: Sunday, November 23, 2003 11:39 AM
To: rule-comments@sec.gov
Subject: (s7-23-03)

This is is response to File No. S7-23-03.

I think the banning of naked short selling is long overdue. There is 
absolutely no valid reason for allowing the parctice other than to give 
the large banks and market makers another weapon in their arsenal to 
fleece small retail investors.

Almost daily a new example of the arrogant and unethical way that the 
large firms have bilked tha small investor comes to light. Last week 
it was the mutual fund scams. The resolution is always the same. A small 
slap on the wrist with no admission of guilt. The fine is accepted as 
a cost of business as the porfits greatly outweigh the fines. The fines 
don't go to try and make whole the injured parties- they go to the office 
of the Attorney Generals.

And it's business as usual. The brokerages are the new royalty- immune
to mortal law. They are licensed to steal, everybody knows it and nobody 
has the will to do anythign baout it. With the advances of the ECNs ther 
is absolutely no need for the present systems of market makers, other 
than to continue their enitiled position of skimming off the top of all 
market activity.

I know that this is slightly off topic, but , yes, outlawing naked short 
selling would eb a benificial step. The effect would be analogous to 
spraying an odorizer over a festering heap of slime, but it would at 
least be a step in the right direction