From: Paul McWilliams
Sent: June 11, 2005
Subject: File No. 4-497

I've been involved in the US stock market since 1969. I currently work as a buy side analyst and publish an investment newsletter. I've had considerably mixed emotions regarding Sarbanes Oxley (SO).

My initial exposure to it was through a series of meetings with relatively small companies that I believe are run very well and with shareholder interests well in mind. Due to the very high costs these companies were incurring, I was very much against the new regulations.

My next encounter was with some large and rather lethargic companies where napping during board meetings was common. It clearly got the attention of these executives and directors who forgot about their stockholders decades ago.

If I had to take it or leave it, I'm afraid I would say let it stay. It has unfortunately done some good and this might offset the global cost. However, it seems as though there could be a compromise that would make it a bit less onerous for small companies.

Paul McWilliams