Date:    12/16/1999  8:26 PM
Subject: Proposed Regulation FD

Sirs:
     
I wanted to voice my strong support of the proposed 
Fair Disclosure Regulation currently under review. 
The increasing use of "selective disclosure" by many 
public companies is disconcerting to me (to say the 
least) as an individual, long-term investor.
     
The concept of transperancy, currently fundamental to 
financial statements, must extend to the timely public 
disclosure of all relevant information.  To me, this 
seems a minimum standard that management should be 
held to.  Unfortunately however, the individual 
investor has little if any recourse to bring this 
about except within the venue of the present SEC 
proposal.
     
Indeed, typical Wall Street firms look on such 
openness as anathema, and utilize their Goliath-like 
power in keeping their monopoly as the conduit of 
"whisper numbers."  Evidence Stuart Kaswell's (general 
counsel of the Securities Industry Assoc.) statement 
that "the [Fair Disclosure] proposal will end up 
restricting the flow of information."  What is one to 
make of such a hubristic statement?
     
Do we really need a middleman, an interpreter, a 
filter of ideas such as we currently have?  The final 
and only arbiter should be the singular investor, 
which in the aggregate we call the market.  Merely 
fairness?  Yes, but in addition, common sense.
     
Thanks for eliciting public comment.  I look forward 
to the SEC's decision in favor of the Fair Disclosure 
Regulation.
     
Best regards,
     
Louis Leos