Subject: File No. S7-35-11
From: John Russo

September 1, 2011

Changing the way asset backed securities are treated under the investment act would cause great harm to investors such as myself.

I cannot understand why you would even consider this. Many of us retirees have invested much of our hard earned dollars into these for the dividends and reliability.

It is so disappointing that the SEC would waste time on this instead of going after the greedy hedge funds that use the elimination of the uptick rule shorting quality securities just to make quick returns and destroying equity value for the serious long term investors.

How about an investigation into implementing the uptick rule that would eliminate this abuse and create stability.

I implore you to please leave the asset backed securities alone.
John Russo