From: Kennedy, Joseph [joseph.kennedy@agedwards.com]
Sent: Friday, January 02, 2004 2:08 PM
To: 'rule-comments@sec.gov'
Subject: S7-23-03


Dear Sirs:

I am totally in favor of the SEC passing tough new laws against naked short
selling of stock on all markets, large and small.

The system has failed and it is time to take a hard look at naked short
selling.  Reg-SHO is a start but does not fully address what has happened in
the past.

Naked short selling has literally wiped out hundreds of small up and coming
companies and caused investors to lose hundreds of millions of dollars. The
foundation of our economic society is based on innovations of new
technologies, usually by small up and coming companies who in turn spur job
growth.  The naked short selling scandal, which has largely been overlooked,
equates to economic terrorism and should be stopped immediately. 

The next Microsoft or Apple Computer may have already been wiped out by
these illegal activities.

Sincerely,
Joseph H. Kennedy, Jr.
Vice President-Investments
A. G. Edwards & Sons Inc.







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