Subject: File No. S7-12-06
From: Ralph A. King
Affiliation: Retired pilot

April 7, 2007

Absurd that comments are being requested for an illegal regulation being that of the Grandfather Clause which protects Brokerages from the counterfeiting of securities prior to 1-3-05.

The Security exchange commision has lost sight of its mission of protecting the individual investors.

The SEC is not looking very good in the public light, and its days may be number in its present stature.

Example here.

The Declaration of Independence of 1776, states among other things, that the people shall have the right for happiness. How much happiness have people had that could not get certificates for stocks that were paid for because the stock was counterfeited.


Ralph King