From: BRUCE LOCKE [bdlocke@worldnet.att.net]
Sent: Friday, February 08, 2002 9:51 AM
To: rule-comments@sec.gov
Subject: analyst vs investment banking

Chairman Pitt seems sincere about trying to do something about the SEC's
failure to clean up the Wall street cesspool. However, the recent proposals
to stop the analysts bias and selfdealing by the brokerage firms is "a
band-aid for a symptom!  Wall street has a cancer that requires nothing
short of major surgery.  A patch here and there will not restore confidence
to the investing public.

We have been robbed over and over by Wall street with no significant help
from the SEC.  We expect nothing short of sweeping changes and if Chairman
Pitt is not prepared to do this,  then maybe an avalanche of letters will
help remove him and get somebody who is not beholden to protecting the Wall
street game.  We suggest the following:

Problem 1:  Individual investors are losing their retirement because of a
false sense of security from the SEC.  Solution: Sweeping changes of the
rules to level the playing field.
Problem 2:  Stocks move hours and even days ahead of company announcements
to the public despite rule FD.  It is obvious that this is not working.
Solution:  Publically prosecute and jail some high profile Wall street
executives that permit this.
Problem 3:  Self dealing on the NYSE floor.  Solution: Eliminate
self-dealing traders from the floor and only allow reasonable spreads via
regulated commissions without the front running.