February 10, 2012
I’m writing to support a strong, simple Volcker Rule. My family lost value by the economic collapse of 2008, and we can't afford another. (Even our Fidelity Puritan mutual fund caught speculative fever: it held pages of banks' or brokers' mortgage-related securities, CDO's, and even a derivative.) The banks should learn the lessons we have.
As you prepare the final rule, remember the goal – to ban big banks from exposing retail depositors and taxpayers to proprietary trades. (I'd also like to see punitive taxation of proprietary trades of Federally-insured banks.)
Because violations of the Volcker Rule endanger our financial system, violators should face swift, automatic penalties like seizure, discharge of board & executives, and new management protecting retail depositors and taxpayers.
Exemptions should be resisted. If an exemption would expose retail depositors and taxpayers to speculative risk, it should be rejected. A bank shouldn't transfer speculative losses to retail depositors' accounts nor to subsidiaries or collaborators off the banks' balance sheets.
Thank you for considering my comment,
Salt Lake City, UT