Subject: File No. S7-10-05
From: Robert E Johnson
Affiliation: Executive Vice President

December 14, 2005

As an investor, I cannot understand why the SEC is so concerned with providing an shareholders with internet availability of proxy material since it is already an option. Shareholders currently have the option to receive documents via electronic delivery through an affirmative consent that the SEC acknowledges is only being used on a limited basis. Again, the shareholder has this option yet they are not opting for it, so why force their hand to do so? I realize corporations will save approximately a billion dollars collectively in printing and mailing costs if your proposal passes, but who is naive enough to think those dollars will be used to increase shareholder value. Taking it a step further and not to sound overly cynical, but I predict these "savings" will be gobbled up in the form of bonuses and never trickle down to the shareholders. You may be saving public companies a billion dollars, but you'll probably pay out the same amount in unemployment benefits to all the people that will be out of work as a result of this proposal. Financial printers, proxy solicitors, USPS, stock transfer agents and their vendors will all feel the pain of your proposed changes. Once again the taxpayer will have to pay the bill while lightly taxed public companies will reap even larger profits. Please rethink your position because what you are proposing will be wildly inefficient and will put many hard working taxpayers on the "day old bread" line.