Subject: File No. S7-08-07
From: Helen M Saarinen

May 15, 2012

The S.E.C. needs to address the issue of "rebates" to the brokers from the major stock exhanges. This can only compromise the advice that brokers provide to investors. It benefits the broker while it harms the investor. This practice is just one more reason investors are shunning stocks which is, of course, negative to the growth of our economy.
As the NY Times quoted today, "in other contexts, these payments would be recognized as illegal kickbacks."
Investor confidence must be regained and ending this type of payment is a step in the right direction.