Subject: File No. 4-557
From: John O’Brien

April 20, 2008

The Securities and Exchange Commission must prevent fails to deliver or securities not defined in federal law from being credited to customers’ accounts. This version of thievery has gone on far too long and has to stop without delay. This is the third or fourth time I have been invited to write to the SEC to express an opinion on some aspect of this fraudulent practice… it’s time for the Commission to take action and stop the delaying tactic.

John O’Brien