Subject: File No. 4-606
From: krikor naccachian

August 30, 2010

I am opposed to the contemplated change of holding brokers and broker dealers as fiduciaries. There is no evidence that standard protects the investing public more than the suitability standards currently in place (see Bernie Madoff).

Rather than creating more regulation at the very lowest level where costs and burdens are being elevated, regulators and regulations should be concentrating on the real miscreants in the business like the investment banks (Goldman, etc.) and other players that committed wrongdoing at the corporate level rather than at the retail, RR level.