June 12, 2012
Michael Pettit gave the following reason for signing this petition:
"CDOs made from bundled home mortgage or credit cards or other forms of commercial debt must be prohibited. No one in this country ever gave these banks and these traders permission to gamble with our money this way, and risk other people's life savings, for profit. It's fraud, plain and simple, and further creates a market to sell these complex and highly volatile derivatives to customers who don't understand the risks. It's high time for this entire class of fraudulent and predatory financial product strategies to be made illegal!"
2017 other people have also signed the following message:
Section 619 of the Dodd-Frank Act ("Volcker Rule") gave you specific guidance to write a rule that places strict limits on proprietary trading and ownership of hedge funds/private equity funds by banks. Unfortunately, your proposed implementation of the Volcker Rule creates a number of loopholes that can be exploited by banks.
We ask that you close down those loopholes and be faithful to the elected leaders of this Nation and the guidance they gave you in the form of Dodd-Frank Section 619. Further, between now and July 21st, 2012, the banking industry will send its loyal army of lawyers to lobby you to try to dilute your current draft of the Volcker Rule.
I join Occupy the SEC in requesting that you faithfully and strongly implement Congress's intent when you draft the final version of the Volcker Rule.
Please stand up to the banking lobby and protect the people, and not the banks.