Subject: SR-NASD-98-21
Date:    5/7/98 2:18 PM
     
     
From: Bill McMackin
     
     
Mr. Katz:
     
It has been alleged that the SEC has a genuine interest in maintaining a 
level playing field not only for the market makers, but also for the 
investors, who, if truth be told, are the lifeblood of the investment 
industry.  It has been the continuous flow of capital from individual 
investors through 401(k) programs, IRAs and personal investing that has 
substantially lifted the capital base of our nation.
     
If the SEC does have a genuine interest in assuring that the individual 
investors' interests are preserved and protected and is not merely 
paying lip service to that noble objective, how can it conceivably 
rationalize allowing market makers carte blanche to misrepresent their 
markets for no one's benefit but their own?  If Goldman Sachs has 
25,0000 shares of a stock to sell, how is the individual investor served 
by Goldman showing only 100 or 200 shares when in fact this is in no way 
reflecting his true position.
     
It absolutely serves no one's interests but Goldman's and deprives 
investors by not allowing them to know the true picture.
     
Sincerely,
     
Bill McMackin