Subject: File No. 4-606
From: Thomas J. Mooney, ChFC, CLU
Affiliation: Mooney On Money, Inc.

August 31, 2010

My thoughts and comments are on the effectiveness of existing legal or regulatory standards of care for broker dealers and Registered Representatives (RR). However my comments are also an overview of the Banking and Securities Industries.

In my opinion there are:

1) Too many rules
2) Not enough enforcement
3) Not enough convictions -- leading to jail time
4) We have paid a high cost for regulations with little results

Additional Comments:

1) RR's have to document numerous things on a regular basis. I think both honest and dishonest representatives will submit reports that do not raise a red flag. I am not aware of any convictions based on these self documented forms.

2) While there has been some enforcement for all the products sold as safe that were not safe, not enough penalties were assessed.

3) Often when big penalties are assessed, no criminal charges were filed. It has been 2 years since the financial meltdown. I find it hard to believe that investment banks properly disclose the risks they were taking and the risks investors were taking in sub-prime mortgage securities.

4) The United States used to be revered around the world as the place to invest because it had the most trusted markets. Over the last 10 years, that image has been tarnished. We have and will pay a high cost for the lack of character in our business dealings. But let us not confuse more laws with safer and more trusted markets. The SEC needs to steam-line rules and enforcement because if it simply adds more rules, the USA will become a place where doing business is too high of a cost.

Best Wishes, Tom

Thomas J. Mooney, ChFC,CLU
Mooney On Money, Inc.