Subject: File No. 265-25
From: J. McCarthy

June 9, 2009

My Goodness Where to begin?
The true stories of total financial devastation that could be told here, due to the failure of the SEC to properly oversee the inner workings on Wall St. (and elsewhere) and then once apprised, to take immediate remedial action to right the phenomenal wrongs that they knew were occurring on their watch...
No, that would be counterproductive at this point, no doubt. Those horror stories will take their rightful place in the annals of documented governmental corruption, when the time is right.
The time now, will be better spent on gathering some of the most experienced and personally affected individuals and representatives that can foster a clear and concise understanding of just what the mission of the S.E.C. should and can be, and then to help them to attain the stated goals by seeing to it that the best and brightest ideas are implemented.
This mission is one in which the Agency should keep an open mind to, and listen, I mean really LISTEN, to the voice of reason and experience, and then act on the best solutions.
I suggest to the reader, that many Reps in the S.E.C. who will be listening to this committee's suggestions and recommendations, will be flabbergasted by the scope of disservice that the investing public has been subjected to, due to Government inaction. These atrocities should be brought forth in committee, so that the members may properly deliberate the reasons why they were allowed to occur, and make suggestions to ensure that they are never allowed to be repeated.
The sheer criminality that has been allowed to not only exist, but to increase manifold, while our elected Representatives did little to nothing about it, will probably be proven to be so large in breadth and scope that the uninitiated will have serious problems believing it to be the truth.
Maybe, the truth will never be revealed. This may be better for our great country, going forward. The truth may prove too painful.
I feel very strongly that I am qualified to serve on your committee, as I feel that I have been "educated" in the ways and techniques that have served the bad guys well, over the last 10 years or so. I feel that I can contribute the "meat and potatoes" ideas that will serve to not only dissuade illegal actions, but to foster the knowledge and acceptance that we have fixed the problems of the past and are ready to move forward, trading honestly.
I am also steadfast in my convictions that good, honest committee members will prevail, and that we may yet be able to trade in an American marketplace, free from corruption.
And while we're at it, let's get all those companies that ran away to the overseas markets, back into the fold.
Sadly, I am one of the good guys that used to think that the evil deeds that I witnessed were no more than mistakes made in good faith that would be corrected, or worse yet, that the government made these illegal actions that I and many have witnessed, so overt that it must have been a trap set to catch the bad guys.

You just can't do this kind of thing, without getting busted.
There is no WAY that thousands of players could get away with these illegal actions.
The Government can NOT just let this happen.
Their Mission is to PROTECT US, right??

Well, after years of watching my life savings disappear and both my and my family's dreams vanish into thin air due to criminal acts that were either overtly or tacitly sanctioned by our representatives, I finally came to the sad realization that if I wanted to see change, I would have to fight for it.
And so I did. And so I will. And I am not alone.
I do have a small degree of hope left, that the SEC can be salvaged from the very brink of collapse, and that intelligent, well intentioned investors and businessmen and businesswomen can still make the necessary difference.
We can step up to the plate, and serve our country in a very urgent time of need.
A good business sense, coupled with HONESTY, must prevail.

We can no longer sanction a 'Smoke and Mirrors" approach, whereby window dressing is applied to the problems in the hopes of diminishing the public perception of wrongdoing by our Government, when in fact, what should be done is a revamping of our Securities codes and the insertion and application of absolute rules and regulations that have teeth, and the ability to carry out serious and appropriate sanctions against anyone who would dare to repeat the crimes of the past.
We must also build into the system a failproof way to ensure that the new changes are being enforced, and the players (bad guys) finally realize that the party is over, and they MUST abide by the laws that will actually be implemented and vigorously enforced.

Only through a well-balanced approach and effort by dedicated individuals with the ability to clearly relay their thoughts and ideas, will we be able to clean up this mess.
It's not too late. Let's get down to business, HONESTLY.

I shall await your response.