Date:    03/22/2000  3:41 PM

Subject: Proposed Regulation FD

SEC:
     
For certain wall street analysts to be allowed to be Privy 
to inside information on a company, while the general public 
is effectively shut out from the flow of information, treads 
way over the line of INSIDER TRADING.
     
How can this not be illegal?  Why are they not serving time 
in prison?  If I even attempted to do the same thing, I 
suspect that I would be hauled into court, and summarily 
sentenced, before I could even open my mouth in my defense.
     
Why are wall street brokers and big companies allowed to do 
this with impunity, to mine and everybody else's detriment? 
It is not fair!  My money is just as green as anybody 
else's, but I'm handicapped by this "big institution" form 
of "cheating the unwashed masses".
     
I'm happy to make my own mistakes, but they are HIDING 
information from me (in order to protect their FAT 
COMMISSIONS and FAVORED CLIENTS) and that could affect my 
own rational decisions.  That is collusion on their part, 
and it is most definitely INSIDER TRADING by ANY definition 
of the term.
     
Last time I looked, that was 100% illegal.  Why are you not 
prosecuting this violation?  Why aren't these people in jail 
and why aren't they barred for life from working as brokers?
     
Whenever ANY information about a company's business and 
financial status is disseminated, it absolutely MUST be made 
available to everybody, IMMEDIATELY, without ANY delays.
How can they justify releasing it to their "friendly brokers 
first" and everybody else a few days or even weeks later? 
That's not a level playing field.  That is CHEATING and 
market manipulation, and can only be described as outright 
FRAUD.  Why are the "big guys" allowed to profit from such a 
scam? ..... while us "little guys" didn't have the 
information to make an intelligent decision?
     
I will match wits with ABSOLUTELY ANY money or market 
manager or analyst on wall street, based on having EQUAL 
access to ALL information, but why should I be handicapped 
by these companies and brokers dealing in INSIDER 
INFORMATION while I have to work within the legal framework 
of the law?
     
Ken Maxfield
An independent trader