Subject: File No. S7-30-04
From: Pablo

July 25, 2004

I would like to know why Allan Greenspan is so afraid about the Hedge Fund registration:

"But U.S. Federal Reserve Chairman Alan Greenspan said on Tuesday the SEC's proposal was unlikely to prevent fraud and that it would limit the flexibility of hedge funds: To the significant detriment of our economy.";jsessionid=LJTZR341WUKF0CRBAEKSFFA?type=reutersEdgeNews&storyID=552525§ion=finance