Subject: File No. S7-08-07
From: Cindy Walsh

June 26, 2012

In support for stricter rules for broker-dealers.

Maryland's State Treasurer Kopp is doing a grave disservice to the citizens of Maryland as she fights common sense financial reform that places her as advocate for financial services over public interest. She sounds out of touch as she says that the investor can educate themselves and make their own decisions as we all know that a majority of people who become involved in the market do not have the sophistication or frankly the time to become the informed investor. Mutual funds are always finding there way into risky investments as we saw with the subprime loan market and now with the European sovereign debt market and in both case it was these mutual funds that were left unprotected by CDS insurance that shielded the investments of the rich and took the savings of average citizens.

As an academic who makes a living reading the financial news and studies the affects on society I can tell you that State Treasurer Kopp if speaking on behalf of the banks, not the average investor.