Subject: File No. S7-06-04
From: Nicholas A. Cappello, Retired

March 15, 2004

I believe that anyone who offers stock on the exchanges and those who manage the selling or buying of public stock as well as investors must operate as a team. If any of these elements attempt to unfairly manipulate the others it eventually harms all. It would be wise if all firms opened their books to the public but it should be a leagal requirement that the books be opened to the stock holders. Those companies that knowingly illegally manipulate the figures should receive harsh treatment. Individuals should be liable for ALL their ill gotten funds and excluded from holding any position of authority in any company.