Subject: File No. S7-06-04
From: joseph t mann

March 2, 2004

your rules put an onerous burden on those of us who have honestly plied this trade for decades, while doing little to punish those who have desimated the integrity of our profession.

you are more concerned about the political appearances than you are about the costs to our clients and to those honorable members of my profession.

your penalties to errant frims were less than their revenues, and certainly did not approach the heads of the snake too politiaclly sensative.

in abolishing 12b-1 fees, you are messing with the system, without concern for the consequences. the 12b-1s dont cover my cost of servicing small clients. when you eliminate them, it will become a solely transactional basi with NO incentive to follow up service. why not stop 12b-1s on accounts without a rep, but you are still trying to regulate morality and we know how well you have done so far.

the public will have confidence when they see you put someone in jail for these violations, not when they see another piece of paper dragon...

terry mann