From: Philip Rice [philipr@cruzio.com]
Sent: Saturday, January 25, 2003 2:56 AM
To: rule-comments@sec.gov
Subject: One step forward... (s7-36-02)

I am encouraged to see that proxy voting by mutual funds will now 
be required.  At the same time, I am disappointed to read recently 
that several proposed rules regarding attorney and accountant 
behavior are relaxed due to lobbying power of those groups.
 
Over the last couple decades, I've seen pay for Boards of Directors 
and executives rise to ever more ludicrous levels, and my investor 
confidence went down along the way.  The spate of criminal behavior 
in the last couple of years simply shows how out of control we are.  
We lack checks and balances, and strong rules for attorneys and 
accountants can move us in the right direction. 

I urge the Commission to remember that capitalism is supposed to be 
for investors, rather than enriching Boards of Directors, executives 
and the ancilliary services that companies pay for.  The SEC can take 
a step in the right direction by strengthening and enforcing rules 
that promote transparency in our financial system.
 
Philip Rice