From: C2Carey@aol.com
Sent: Monday, March 08, 2004 5:29 PM
To: rule-comments@sec.gov
Subject: (s7-03-04) http://www.sec.gov/rules/proposed/ic-26323.htm 

An Independent Board is no different than an independent judiciary.  Independence 
is necessary.

If the investment advisers are the same people as the board members, why 
compensate the board members for involvement that is redundant?  Why have a board 
at all?  Because absolute power corrupts absolutely.

C. Carey