From: Thomas R. Moorer
Sent: January 27, 2007
Subject: File No. S7-25-06

Dear Sir,

I consider it far more important to regulate hedge funds in order to protect against systemic financial risk. In other words, it isn't the hedge fund investors who need protection from hedge funds, it is everybody else. Greenspan's views on the wonders of derivitives are just as nutty as his views on margin requirements.

Thomas R. Moorer