Subject: File No. S7-02-10
From: R T Leuchtkafer

May 13, 2010

Professor Angel is absolutely right. He called for market wide circuit breakers and predicted disaster without them - and we suffered a disaster. He also correctly predicted the very scene on May 11, where markets and regulators were called before Congress to explain a mess.

Circuit breakers as reform, however, are as if Toyota fixed its accelerator problem by installing better air bags. A car with a stuck accelerator, like a market with no quotes and no obligation to maintain quotes, is not "working better than ever." And while circuit breakers would have prevented many stocks from trading to zero, it is still highly likely we would have suffered a $1 trillion loss in seven minutes on May 6.