Subject: File No. S7-12-06
From: Laurent Sigg

April 30, 2007

The Grandfather Clause is the most ridiculous piece of legalese that I can think of. Only when big money is involved do the not so fine lines of the law become blurred and obliterated. Small time white collar crooks get 10-15 years for embezzelment, whereas here we are talking hundreds of billions of dollars being taken out of taxpayers pockets, and the SEC looks the other way. Forget the piddly international terrorists, financial terrorism is alive and well in our very own stock market, and morally bankrupting our country. Do something right already, and eliminate this clause immediately, and hold accountable those that are responsible. You know who they are.