Sep. 9, 2023
Given the way that broker dealers have been operating the last decade with all of these fines you could certainly say some are drunk on acceptance waivers and consents. It's disgraceful and the fines issued by the SEC for some of their actions that took place repeatedly for years is even more egregious. So much money has literally been stolen from cheating by these entities and the investor never gets justice or a dime of these SEC fines. Looking at the balance sheets of lets say Citadel Securities and seeing the figure of "Securities sold not yet purchased" compared to their assets, how does the SEC calculate when this number is a systemic risk? From December 31 2022 their total assets were 63,115 billion and their total liabilities were 58,744 billion with 45,764 billion being Securities sold not yet purchased. It doesn't take a mathematician to see that this is a powder keg, but considering Citadel is a Market Maker, Hedge fund and has an ATS they can run these risky numbers on the brink of collapse because they control the entire price of a stock and the SEC allows it in my opinion. It's been exposed with these so called Meme stocks that the sec wants to throw pies in retails faces over but just the crazy price drop in Amc before and after the reverse split and conversion is evidence of major market manipulation that will probably result in a slap on the wrist years down the road. If only the SEC wouldn't keep delaying the CAT system for how many years now? Millions of shares can trade in a day on AMC and we can't even move the price up a dollar but looking at these major candle drops like September 6th at 8:25am a 165k volume dropped the price $1.25 from $13.61 to $12.36. I could cite more instances of major drops on low volume but it's mathematically impossible to have such small volume bring down the price so much without market manipulation when OBV is going up, Certain brokerages are showing buys to sells 3 to 1 and utilization was maxed out; that is to say if we truly had a fair regulated market which we don't. AMC was on the threshold securities list for the third time this year and this most recent time was 50 days. When reading the rules on Reg Sho, how is this even allowed? Another loop hole for the 1% just like they can take away the buy button when they are losing? It's allowed because the SEC emits the illusion that they are for the retail investor when actually they only care about the well being of the 1% in my opinion. The sentiment I saw on Gary Genslers tweet advising retail to come comment on this proposal was "Why waste my time when the SEC doesn't enforce the current rules and turns a blind eye to the corruption on the SO CALLED meme stocks" So yes I support monitoring these entities every single day whom I consider liars and thieves because they have pushed the entire financial system to the brink of collapse and you have sadly allowed it to get to this point. PFOF only favors one party and it aint retail. We're happy to pay a transaction fee to have our order go to a lit market. The short reporting of twice a month is antiquated and a systemic risk as well considering the capabilities of HFT. More importantly the FTD's HAS to be addressed and can no-longer be allowed. It's just terrible that FTD's are even allowed but then again this is the U.S and again they don't benefit retail. This infinite liquidity and market maker exemptions on locates has destroyed our market and bankrupted countless companies and certainly needs to be reigned in. The SEC has slacked off for so long and allowed so many entities to push their balance sheets to the brink of collapse that they would bring the entire system down with it if they fail. So by doing this they have forced you to allow their cheating to continue in my opinion instead of letting them collapse. That's the only way I can rationalize why you overlook rules already in place and continue to allow blatant market manipulation to continue. What needs to happen is some individuals need to go to jail and all of their assets even the ones stashed in the Cayman Islands need to be confiscated. This runs all the way up to the top to the owners of the DTCC and I'm hoping to see a move of God soon to bring about righteousness.