Subject: File No. S7-38-11
From: Publius

February 9, 2012

I agree with the general parameters of this proposed rule. Given the problems inherent in any conflict of interest situation--as recognized by the law of fiduciaries--it seems appropriate to regulate such suspect conduct. Moreover, given what we now know about the reasons for the latest economic downturn, it seems all the more appropriate. Lastly, the recognition that this conduct is acceptable in limited circumstances is recognized by the proposed rule in a manner which is reasonable.