Subject: File No. File No. 265-26
From: Paul Rogers

May 20, 2010

I read in the "news" today a complaint today that circuit breakers will increase uncertainty. OK, the Street doesn't like anybody messing with the game they're playing. We get that. What did the "Flash Crash" do but show the "uncertainty" about a "stable" market under the current rules? But these "circuit breakers" amount to "closing the door after the horse is out". Nothing happens until after an unusual drop. It's not good enough! You need to go after the egregious activities directly, as the Germans, and to a lesser extent EU, are doing.

"Capitalism" is about capital formation, not about the Street and big banks maximizing their profits. I've been as much as 95% in equities in recent years. But as things are now, I cannot trust any of the investment vehicles I see. We need certain assurances that our investing is treated fairly. Without public participation in the formation of capital, whatever is going under the rubric of "capitalism" these days is a joke.
Paul Rogers