September 29, 2006
Thank you for the chance to comment about the proposed changes.
Yet in allowing these comments, pro and con, it is as if this topic were 'debatable' which is laughable. As if is it 'ok' to commit massive fraud with FTDs or not?
I had over a million dollars of trading losses in '04 and '05, in five IRA accounts at my brokerage due to massive shorting, FTDs, phony articles by financial 'journalists' and total inaction by the SEC in terms of protecting small retiree investors like me, from the predators of Wall Street.
Whomever initiated the policy of grandfathering the FTDs in the name of preventing market volatility ought to be put on trial forthwith in my opinion. The Initiators of this policy had no concern for the investing public, only the interests of Brokers and Hedge Funds seemed to be of concern. They might have lost money on a 'bad bet' of colossal proportions. Too bad. It is high time for them to take a financial hit on their ill-gotten gains, in my opinion.
Why was there no open forum of letters and 'debate' prior to the initiation of such infamous policies--that were sympathetic to and complicit with the biggest Fraud crime ever perpetrated? Why were we small investors not warned of the forthcoming 'policy' to allow us to sell our about-to-be-shorted stocks before their prices were illegally manipulated even further downward, assuming the policy would have had one favorable comment by anyone disconnected from Wall Street profits?
I frankly have no confidence left in the stock market and Wall Street, in terms of any scruples, honesty or integrity. Anyone buying any stocks on Wall Street should have their head examined. Real estate seems squeaky clean vis a vis the stock market. It is pretty hard to FTD a million dollar real property--it's either delivered at the end of escrow or the escrow does NOT close.
This is, of course, not true at all, when one buys stocks in today's rigged market. One's money goes to the brokers in terms of illicit profits, that's why they are complaining so much. Being legal on trades and closing deliveries will cost them too much profit margin. It's much better to broker the sales of shares sold over and over and over again, without closing or locating--who needs that?
Yours truly,
Philip Mathews
Real Estate and Stock Investor/Retiree