July 22, 2009
Dear SEC,
This letter is to voice my opposition to the proposed changes to the custody rules in File Number S7-09-09.
Over the last five years or so, the SEC and FINRA have found solutions to any issue to simply be the writing of a new regulation. With all the regulations, etc. that are in place, the Bernie Madoff issue and those Ponzi schemes of that type continue simply because of the ineptness of the regulators to effectively do their job. All the regulations in the world are not going to solve the incompetence demonstrated when credible whistle blowers are indeed blowing the whistle.
We are not in need of any further nonsensical regulatory “make work” regulations. Please make an effort to view such further problems from the perspective of those of us professionals who are trying to serve our clientele in an honorable and efficient way.
Sincerely,
H. W. Youngblood
President
Financial Network Associates, Inc.