Subject: File No. S7-08-09
From: Tim McCauley

June 11, 2009

-I cannot believe that it is taking you so much time to reinstitute something that should never have been allowed to begin with. The way that you appear to be handling this issue is to talk it to death and then institute some watered down version so you can say that you listened to the American private investors. I'm disgusted by your lack of will in getting this done. I hope the entire SEC gets revamped with people who are not part of the old boy network of morons that seem to permeate the current composition.