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Sanford C. Bernstein & Co., Inc. Investment Research and Management Paul R. Beirne Vice President August 5, 1996 Hon. Harold Ickes The White House 1600 Pennsylvania Avenue Washington, DC 20500 Dear Harold: I thought you might enjoy the latest update of Investment Planning in the Global Era, a publication we distribute to all our private clients as a guide to knowledgeable investing. Indeed, at Bernstein, we regard helping our clients achieve long-term security through careful planning as among our most important tasks. In this latest study, we pay special attention to the challenge of building capital in the face of the three primary "spoilers" -- taxes, inflation, and the virtually universal necessity to spend some of the money that accumulates in an investment portfolio. I hope you find the publication useful: if you have any questions or comments -- about this book or any other aspect of Bernstein service -- don't hesitate to telephone me at (212) 756-4022. Sincerely, Paul 767 Fifth Avenue, New York, New York 10153-0185 212/486-5800