Subject: File No. S7-03-06
From: Joseph Vapnar
Affiliation: Retired

March 19, 2006

Regarding executive compensation, I feel severance packages paying millions of dollars is steeling money from investors. I think the SEC can issue a ruling simply saying: "Any severence package paying more than 2 years of base pay must first have shareholder approval".

Do you think share holders would have approved a $190 million dollar package for the president of Gillett or the $300 million package for bank executives. These payments are taking money away from the owners (shareholders). The board members get goodies passed down from management and as a result most corporate boards are run like a club. Some folks don't know the value of money, I worked for 49 years and earned just a little over 1 million dollars. How does this compare with what was paid to the executive at Disney?

I and many other investors are disgusted with what is going on in the area of Executive Salaries.