This 2003 letter raises issues which were valid in

This 2003 letter raises issues which were valid in 2003 .

However, all of these issues were addressed in 2005 with the enactment of Regulation SHO and in subsequent amendments.

Therefore, your frustration with the apparent lack of enforcement is based solely on your lack of education about these matters. That can be easily remedied through diligent study of the following:

http://www.sec.gov/answers/regsho.htm

http://www.sec.gov/spotlight/shortsales.shtml

http://www.sec.gov/divisions/marketreg/mrfaq.htm