Subject: File No. S7-24-09
From: Richard Belgrad, M.D.

January 13, 2010

I know this is too late to do any good, but my wife and I were sold several hundred thousand dollars of bonds in managed retirement ccounts. The bond ratings available to the broker were vastly overrstated, which soon became obvious when the maket collapsed. The SEC should have done due diligence long before the market debaucle. The system is upside down when the rating agencies are being compensated by the same institutions that are supposed to be regulated. I hope the SEC can fix it to protect the public better than before. Richard Belgrad, M.D.