From: William S. McDowell [will-mac@msn.com]
Sent: Wednesday, September 19, 2001 6:22 PM
To: rule-comments@sec.gov
Subject: File No. S7-24-99 (Short Selling of Securities, abolishment of)

First of all let me say that I am opposed to the shorting selling of securities 
and that the current rules allowing for such should be abolished.  My reason for 
this is many but let me list a few for your consideration.  The current policy of 
selling stocks you don't own is the only place I know of that you can sell something 
which is not yours.  I can not borrow your house, sell it and buy it back later; I 
can not borrow your car, sell it and buy it back later, I can not borrow anything 
which is yours, sell it and buy it back later and I SHOULD NOT be able to borrow 
your stock, sell it and back it back later.  I'm sure when this rule was adopted it 
was done so to benefit the powers of those who controled much of the market and not 
for the benefit of the common investor.  They convinced the SEC that it would be in 
the interest of the nation if this rule was adopted considering the depression which 
this country was in but in truth it only benefited those who had the means to benefit 
from such a policy.  One only has to look at the current market conditions to see 
that the short sellers are driving the market further and further down while most of 
the people (common investors) are holding their stocks but losing finanically.  The 
rich gets richer and the poor gets poorer.  But most importantly, I, the owner of the 
stock they are short selling, DID NOT give them the permission to borrow it.  My 
feeling is that they are stealing it (since they did not ask me personally to borrow 
it nor did I give them permission to borrow it), selling it for THEIR financial gain 
(not mine) and returning it only after they cover their short sell without any 
consideration to me (the owner of such security).  This activity with any other asset 
would be considered a criminal act and subject to prosecution under the law.  It is 
time to abolish the practice of short selling securities and let the market be 
determined by supply and demand like any other commodity.  Thanks for listening to 
my views on this subject.