Date: 04/26/2000 9:24 PM Subject: I have long been opposed to the practice that the SEC condones a brokerage firm's paid analyists to provide opinions on listed securities to the public that only promote thier employer trading commissions. These biased opinions that "Analyists" provide are not for the benefit of investors - - they are only for the benefit of their employers. I consider that the unwarranted "look the other way" attitude of the SEC bridges on not only deception to protect the investing public, but also allowing the perpetrartion of knowleagble FRAUD on the public. I know that the SEC advocates that brokers are only trying to assist their clients, but the facts don't justify this rational. How many times have different analyists advocated upgrades and down-grades at the same date and never advise the investing public as to their reasons. I am very serious - - the SEC is as guilty as the brokerage firms in perpetuating a fraud on the public. May I suggest this to you, as a retired CPA who has filed reports with the SEC on public companies - - Why don't you allow listed company's employees to prepare financial statements and give an opinion on thier reliability! The answer is obvious - They are not independent and you couldn't trust them! Then why do you allow this rape of the public by brokerage analysists to continue? The solution to this is so obvious - - (1) require that brokerage houses not to make recomendations based on their salaried analysists opinions, (2) require that an analysist be independent, state the reason for their conclusion, (3) and have a degree of liability for their opinion, and (4) state the source and reliability of the source of thier information. Everywhere I look lately, investors and indepentent investment advisors are clammering for this reform. Unfortunately the average uninformed investor relies on brokers suffers for their greed. Why has nothing been done to rectify this obvious fraud on the investing public? Surely it is not because the SEC staff are former brokerage firm employees and choose not to go against them as they will someday seek employment from them after they lleave the SEC? So, I am totally in favor of anything to stop any practice that will promote the welfare of brokers to the detriment of the investing public. I TOTALLY ENDORSE THAT COMPANY INFORMATION BE AVAILABLE TO THE PUBLIC WHEN IT IS GIVEN TO ANALYSIS. Raymond H. Meinke Dallas, Texas