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The General Counsel of the Treasury
Washington, D. C. 20220

February 8, 1980

Dear Mrs. Garrett:

Like so many others, I was saddened by Ray's death.

I had many opportunities to work closely with him -- for example, as a consultant to the Federal Securities Code and on many continuing legal education programs. His grasp of ideas and ability to communicate them in an arresting fashion will be sorely missed. In addition, those of us who have been deeply involved in the securities business will always remember Ray stepping forward at a critical juncture, at a great personal sacrifice, to take on the chairmanship of the Securities Exchange [sic] Commission. He restored faith in its integrity, and thus repaired what could have been a major breakdown in public confidence.

We shall all miss Ray greatly, and I want to extend my deepest sympathies to you and your family.

Sincerely,

Robert H. Mundheim