From: Merlin Cottier [mercot@ix.netcom.com]
Sent: Tuesday, December 30, 2003 10:27 AM
To: rule-comments@sec.gov
Subject: S7-25-03:

File No. S7-23-03

To whom it may Concern,

Why are we even talking about something that is so obviously illegal?

Naked Short Selling is the selling of counterfeit securities, pure and simple.
It is a fraud committed on the investing public, regardless if it’s done by a
market maker, broker/dealer, or an offshore account.

To illustrate the obvious, what would the SEC’s reaction be if I purchased a
security and never delivered the funds? This is the inverse of the Naked Short
Selling situation and I don't believe anybody would argue that it is something
that should be condoned.

Please do the right thing and enforce or enhance your existing rules (and
penalties) to prevent this illegal practice.

Thank You

Merlin Cottier