Date:    05/08/2000  11:42 AM

Subject: RE: Re[2]: Proposed Regulation FD - File No. S7-31-9

Re: Proposed Regulation FD - File No. S7-31-9
     
     
ADDITIONALLY, TO THE ABOVE POSSIBILITIES, 
THE SEC NEEDS TO STOP ANALYSTS PRICE TARGETS AND UP/DOWNGRADES, BECAUSE THE 
INSTITUTIONAL ANALYSTS HAVE POWERFUL INFLUENCE THAT THE INDIVIDUAL INVESTOR 
DOES NOT. THE INSITUTIONS CAN GIVE A 12 MONTH PRICE TARGET, AND THEN WITHIN 
A MONTH THAT TARGET IS HIT, AT WHICH THE INSTITUTIONS SELL (11 MONTHS  AHEAD 
OF SCHEDULE). THEN A DOWNGRADE COMES, FROM THE SAME INSTITUTIONS, AND THEY 
LOAD UP AT THE LOWER PRICE, AT WHICH POINT THE GAME CYCLES AGAIN. 
ANALYST UP/DOWNGRADES NEED TIME CONSTRAINTS:
INSTITUTIONS SHOULD BE RESTRICTED FROM BUYING/SELLING A SECURITY FOR SET 
AMOUNT OF TIME BEFORE/AFTER THEIR ISSUED UPGRADE/DOWNGRADE/PRICE TARGET. 
THE SEC NEEDS TO FORCE ANALYSTS TO PUT THEIR INSTITUTIONS' WALLET WHERE 
THEIR ANALYSTS MOUTH IS.
      
JUST WITNESS THE POWER AND INFLUENCE THAT WAS DEMONSTRATED IN THE PAST 30 
DAYS WITH GOLDMAN SACHS' ABBY COHEN BRINGING DOWN THE MARKET WITHIN HOURS OF 
HER ANALYSIS THAT THE MARKET WAS OVERVALUED. 
      
THIS IS CURRENTLY NOT A LEVEL PLAYING FIELD WITH EQUAL RULES FOR ALL 
PLAYERS----PLEASE HELP TO MAKE IT SO
     
THANK YOU,
     
GARY SALATA