From: Kevin [pontiyak@telusplanet.net]
Sent: Thursday, March 06, 2003 11:27 AM
To: rule-comments@sec.gov
Subject: Release No. 34-47365 file No. SR-DTC

To whom it may concern.
 
I can't believe you are actually allowing the DTC to make policy ,
and apply for rule changes on the fly, in order to cover their
oblious and blatent inability to implement their very own mandate.
 
That is to correctly and properly watch over and clear securities
that flow back and forth in the securities industry.
 
Now that over 60 companies have clearly uncovered Just one of 
the more serious flaws in the system that is and has been used to fleece the
unsuspecting public out of it's precious investment dollars, you are 
about to allow the very individuals we turn to for investment advice to
white wash the problem, and go merrily on their way.
 
As a shareholder in a company ( PCBM ) which is believed to have a
naked short position in excess of 5 billion shares, I am appaled that you
are even concidering allowing the DTC to slide this under the door.

You need to be forcing them to do their job as it exsists now, on such 
actions as fail to deliver's, ,good delivery, T3, hard to borrow's, etc, and
You might also want to send a stronger signal to the Canadian side of this
equation as well as we all know the effect that pipeline is having on this
problem of naked shorting.

This problem of off shore and naked short selling has grown far to big to
just be swept under the rug, and if you allow the DTC to side step their
responsibility you may well find the investing public breathing down
your neck in a way that will make the Arthur Anderson debacle 
feel like a cool breeze.

Lastly the fines you hand out to groups like Rhino( 1 million) are a 
joke, and do nothing to put and end to this problem. Common sense 
dictates that a reversal of the flow of money from the naked short 
sellers hands back into the good honest long's hands,
will send a far stronger signal to those who would like to manipulate 
the system illegally for their own gain.
Not to mention  the tax implication, of which in todays enviroment,
there are none.

Then you can go in and fix the rules, properly , fairly , and correctly.
 
Yours sincerely
 
Kevin Cundy
89 Marquis Place
Airdrie ,Alberta , Canada
T4A-1Z2
pontiyak@telusplanet.net