Subject: File No. S7-06-11
From: John F. Spencer, Jr.

October 12, 2011

The name change of "Credit Default Swap" to "Security-Based Swap Execution Facility" reminds me of the name change from "Blackwater" to "XE," in that these names were probably changed for the same reasons. Whatever the name, they should not be regulated, they should be banned. They should be recognized for what they are: illegal, unlicensed insurance, as deadly to our economy as are, to innocent civilians, overpaid mercenaries on steroids with automatic weapons.