February 15, 2008
Chairman Cox, along with Chairman Bernake and Secretary Paulson, on Valentine's Day said in front of a senate subcommittee that the SEC makes all of its decisions based on how laws affect the public investor. Please explain to me why this helps customers. Are we allowed better margining on long and short positions, intraday margins are they improved from 4 to 1, overnight margins- do they take away from our intraday margining, not everyone is eligible for portfolio margining. This is a simple algebra equation a = c, b = c therefore a = c. To sum up everything to date, if the CBOE and ISE are willing to forgive their cancellation fees for orders placed then therefore there was never a problem with cancels from public customers but only exchanges trying to concentrate power and punish the public customer. Woodrow Wilson, was right in his speech in 1919 and the same thing applies here. The SEC has allowed this problem with exchanges manifest starting with payment for order flow, etc. Will will this madness and campaign against public customers end??
"I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is controlled by its system of credit. Our system of credit is concentrated. The growth of the nation, therefore, and all our activities are in the hands of a few men. We have come to be one of the worst ruled, one of the most completely controlled and dominated Governments in the civilized world no longer a Government by free opinion, no longer a Government by conviction and the vote of the majority, but a Government by the opinion and duress of a small group of dominant men." -Woodrow Wilson 1919.