Subject: File No. SR-NSCC-2004-05
From: David Patch

September 17, 2004

Is this a joke? As we see more and more fraud within the industry, and lawsuits recently filed against the NSCC the NSCC proposed we provide for idemnity from legal recourse?

It cannot be missed that this action comes at a time when the NSCC Operations is clearly being called to task and where individuals may be directly challanged. This proposal is a CYA for the activities that have the possibility to come back and sting them

Let the bank robber redefine robbery just before you come in and arrest them.

The only way for an operation that is governed by members of the industry they work in to be successful is to place pressure on them to do the right thing. Providing indemnity from prosecution allows for abuse to happen.

We already know Self-Regulatory has created hardship to the investor, now you have self-regulation with no personal accountability. Great Job.

Should I just send my paychecks right in to the SROs?