Subject: s7-09-09

July 8, 2009

The proposed changes to the Custody Rule would only serve to reduce the number of smaller RIA shops and drive more independents into the brokerage community. I believe we had seen quite clearly how much integrity exists in that environment. Must we over-react simply as a way of doing something as with Sarbines Oxley only to reconsider after so many companies spent billions of dollars vainly attempting to comply with excessively restrictive regulation.

Greg Morgan CFP