Subject: File No. 4-606
From: Carolyn Shelby
Affiliation: CLTC

July 30, 2010


We're regulated to death already. The problem isn't regulation, it's putting some money and teeth into policing the bad apples that pop up in any industry.

Please stop dragging down the honest reps and agents. It's getting to the point where it just doesn't make sense to have a securities license anymore... it's just too expensive in time and money to maintain. Instead, focus on educating YOUR employees sufficiently to be able to smoke out the bad guys and stop them.

Precisely how many reps warned you about Bernie Madoff? And, while we're at it, how many times did you ignore them?

I know you guys need more funding to do your jobs right. So... how about working on that rather than driving good brokers out of the business altogether?

Carolyn Shelby