Subject: File No. S7-25-99
From: john j mcdonough

August 31, 2004

please withdraw your rule proposal exempting brokers

from disclosing conflicts of interest and having them

held to a lower standard of conduct.after all the

problems in recent times with the financial industry,

i would think you would want to protect consumers,not
lessen the protection.

i do not understand how this helps the consumer?


john mcdonough