April 25, 1988

Mr. Robert A. Kanter
Managing Partner
ARBCO Limited Partnership
111 Broadway
Suite 1350
New York, NY 10006

Dear Mr. Kanter:

Thank you for your excellent testimony before the Committee on Banking, Housing, and Urban Affairs on April 20. The Committe was interested in learning the views of all of our witnesses concerning market manipulation and your testimony and comments were exceptional.