Subject: File No. S7-25-99
From: Florine Johnson

August 12, 2004

Re: Above file number; Certain Broker-Dealers Deemed Not To Be Investment Advisors.

Gentlemen and ladies:

I spent 24 years in the securities business, 13 of those years with a NYSE/NASD license. I also worked years in the secretarial and cashiering departments of various brokerage dealers' offices. I have been out of the business since 1986.

From my observations of the industry, you'd better require that these "boys" in this industry be licensed, and carefully watched.

Brokers have been acting as "advisors" for many years and many of them haven't the faintest idea of what the word "fiduciary" stands for. They are only there to rip off as many people as they can by false information, mis-information, churning and charming. I've heard brokers laugh about "blowing out the book" and starting over with cold calls. Smiling and dialing, it's called. Most of them wouldn't know how to look at a financial report, P&L statement, etc. And yet, they are encouraged to sell whatever the firm is pushing that day or week.

The industry is sadly lacking direction, correction, and honesty. Why would the SEC allow all this activity all these years is way beyond me.

As you probably have noticed the number of women who have become "whistle blowers" in the past few years. It looks like the saying, "Beware the day the women of the world become enraged," is happening! Think about it.

Florine Johnson