From: Tony Hoofnagle [tonyhoof@sbcglobal.net]
Sent: Saturday, March 08, 2003 6:33 PM
To: rule-comments@sec.gov
Subject: Re: Rel. 34-47365 (DTC-2003-02)


Regarding:

http://www.sec.gov/news/digest/dig021903.txt
"PROPOSED RULE CHANGE
The  Depository Trust Company filed a proposed rule
change (SR-DTC-2003-02)  to  clarify  that DTC will
only honor requests  for  withdrawal  of certificates
submitted by its participants and not by the issuer
of the securities. Publication  of the proposal is
expected  in  the  Federal Register during the week
of Feb. 17.  (Rel. 34-47365)."
 
This is an unbelieveable action. I sincerely hope that
the SEC does not enact this proposed rule. With the
amount of abuse that legitimate companies face from
short sellers who manipulate the price of their stocks
downward, you'd think the DTC would at least have
interest in protecting the shareholders. This rule
would allow still more abuse. I am outraged!

So far, the S.E.C. has done nothing to address the
outrages of naked short selling, short and distort
campaigns, the use of partially covered short
positions to avoid the short on uptick rules, and
abusive short selling in general. It is absurd that
someone can borrow my property without consent,
compensation, or even notification, and then sell it.
Further, by using offshore accounts which are subject
to absolutely NO BORROWING RULES WHATSOEVER, much less
the unenforced weak rules here in the US, these hedge
funds involved can short the same shares MULTIPLE
TIMES.

Naked short selling must end completely. More
stringent regulation of short selling could possibly
even foster a stronger economy by spurring the stock
market up. 

Please do not take this request lightly.

Sincerely,

Joseph Hoofnagle, Jr. 
307 Glenn Ave
Rockwall, Tx  75087
972/772-9025