Subject: File No. SR-NASD-2007-023
From: Joseph Kosinsky, MBA
Affiliation: NASD

April 2, 2007

I believe in the one firm and one vote on membership business.

I also believe that the $35,000.00 the NASD is offering as the present value of future cashflow savings is not accurate. Also, I do not object to the NASD paying taxes as they did when they reported profits for NASDAQ.

I would like to know why I as an owner/member had to pay for NDAQ warrants and common and employees of NASD (non-profit org.) got free stock options, great compensation and fantastic jobs at NASDAQ?

How do you divide around $1.5 billion and the monthly cashflow from the principle of $75 million to its owner/members? How does a non-profit org. such as the NASD get to keep all of this cash and not respond to its membership for guidance.

"And remember, where you have a concentration of power in a few hands, all too frequently men with the mentality of gangsters get control. History has proven that. All power corrupts; absolute power corrupts absolutely."
Lord Acton

Regards,
Joseph Kosinsky