Subject: File No. S7-30-04
From: Raymond Hines, Jr.

July 28, 2004

The market has been turned into a casino operation for what I would call "money pool collaboration". After the individual investors, who are the other side of these insider collusive transactions, have been hurt badly, popular opin and policical influences will again take over and return the markets to the individual investors, as they did in the 1930's. It's sad that our regulatory authorities have let themselves be duped by wall street. Regulatory heads will roll in the future. In all my years, every facet of "self regulation" has led to problems eventually to be dealt with. Again, I am stunned at the naivety of our present regulatory system, both the sec and the self-greed bunch. Don't say you haven't been warned.