It is good to know we have a Wall Street leader like Robert Hormats who reads history. But from him it would be better to hear of the reforms he thinks necessary to stem the tendency of the investment banking industry to destroy the economic foundations of this country: to avoid financial sacrifice, to avoid paying taxes, to place the making of fees ahead of sound financial principles, to profess ignorance of adverse economic conditions created by "investment products," to describe the conflicts of interest within internal equity funds, and counter the process of unhooking the market from underlying economic conditions to feed the greed of merchant bankers for fees. Perhaps Mr. Hormats would like to answer these questions inasmuch as they, not history, fall within the area of his expertise. Sincerely, Ed Spievack