Subject: File No. S7-18-09
From: George E Kozel

August 31, 2009

Comments Attached:

August 31, 2009

File No.S7-18-09 Political Contributions By Certain
Investment Advisers

Dear Ms. Schapiro,

My wife and I are lifelong residents and retirees of the
State of Pennsylvania and after reading reports of the
money being lost by by pay-to-play hedge fund managers
and other private investment firms I think it is time
to stop the practice of pay-to-play.

We need only to look at the advocates of credit derivatives
and credit swaps as to the damage done to the national
economy when there is no regulatory agency overriding this
legalized gambling. Their interests lie in obtaining the
highest fees not in producing benefits for the pensioners
of the State of Pennsylvania. They know the shortfalls are covered by the taxpayers of Pennsylvania.

It is time to put the interests of the People of Pennsylvania above the interests of pay-to-play organizations and state politicians.

Ms. Schapiro, I am sure Sister Bernetta will hold you in high regard for showing such courage in doing the right

Very truly yours,

George E. Kozel