From: t@mira.name Sent: Friday, November 14, 2003 11:18 PM To: rule-comments@sec.gov Cc: eliot.spitzer@oag.state.ny.us Subject: S7-23-03 November 14, 2003 To: Securities & Exchange Commission Office of Trading Practices Division of Market Regulation Re: Proposed SHO rules Release No. 34-48709 File No. S7-23-03 Dear Sirs: It is the hardest thing writing to an office that has let us down for so long and as often! You may say at this rate, it maybe an all out stupidity on our part to even try to wave our little red flags in your face where many registered brokers, dealers, market makers and others licensed by your office have crossed the line of the law and integrity and broken into our homes, stealing our life savings, as if there was no sheriff in town...Well, they have been right-haven't they? Yes, the Regulation SHO is long overdue, but I am doubtful that should you even remotely consider passing it, it will ever get its due course-judging by your history of non-enforcements! Great many of us determine your sincerity in correcting the problems by the examples you set! ...Allow me to give you an example of your so called enforcements: I am a shareholder of a small company, under the Symbol of PCBM. Your office brought a suit against this company over 2 years ago for issuing a single PR that you said was unlawful. Yet the same PR appears to have been, in part or not, orchestrated by one of your own licensed professionals, an almost 40 year veteran of your trading floors, a seasoned consultant. While denying having sufficient knowledge of PCBM to have authored the said PR, the said consultant, until 2 weeks ago was bragging about in fact having been the director of PCBM on his shiny resume on his company Web Site! Yet, this same questionable character, dear sirs, appears to be your star witness in the case against PCBM management and at this rate, against its shareholders who have been complaining to you of an obvious naked shorting problem for years! Yet, the consultant has gone on free doing what he does best-I let you be the judge of doing what-yet the management of PCBM has stepped down under y our apparent pressure and the shareholders are left helpless in the face of a truckload of obvious naked shorting that on some days is trading as high as 2 billion shares a day at a price of .0001 with no price change as if there is no end to this madness, not to mention no SEC to take note! The shareholders watch in total frustration and despair as the stock continues to trade some questionable numbers, once as high as an estimated 80 billion shares in one day or another large number on a Sunday morning too of all days! ...and still no change in price! All of this for a company said to have a share count of approximately 20 billion in total! Yet, your office, my dear SEC, having taken the intelligence and integrity of the small investors in this company for granted, sail through the maze of this limitless, floorless share sales, an obvious naked shorting drama, or shall I say, science fiction, as if protecting the status quo is more important that winning the tr uth! These large volumes of trades, obviously, at this rate and at this stage can't be the doing of a management under a SEC scrutiny! So, won't you say, it maybe the making of those others hiding in the shadow of an ineffective DTCC-run by a board of directors with conflict of interests of their own in seeing a fair end to all trades-in an offshore location or perhaps even nearby?! With an effective SHO regulation in full force, Trades Settlements and Accountability would be on the shoulders of the trading partners-not yours! One must wonder why all the wait? What is it that you Top Guns talk about in all those golf games you play anyway? Well, if you finally dare to look, you missed the ball in this game-many time over too! Yes, the Regulation SHO is long overdue...but it will not be enforced by itself- not only you need to add a real penalty to your super mild slap on the wrist punishments that are mere jokes in our equitable lives, but also you need to do a major house cleaning of those elements at your office or working with your office that maybe questionable themselves and care less about the causes they ought to safeguard in the first place! Then, you want to clone NY Attorney General, Mr. Spitzer, by the hundreds and put them to work at your fine institution and then my dear sirs, you will have my outmost respect for the work you do-with all due respect to those dignified professional whose hard work are being undermined every day by those others lacking such, at your office! Then, and only then, we, the investors, get to have a good night sleep and have a fair chance in planning for our retirement too! Regards, T. Mira Investor Cc: eliot.spitzer@oag.state.ny.us