Oct. 09, 2022
October 9, 2022
October 9th, 2022
Vanessa Countryman, Secretary
Securities and Exchange Commission
100 F Street, NE
Washington, DC 20549-0609
Re: Reporting of Securities Loans (File No. S7-18-21)
Dear Secretary Countryman:
I am writing in strong support of rule 10c-1, Reporting of Securities Loans. As I entered the working world and investing world in order to save up for retirement and other big purchases such as a house I have been exposed to a number of corrupt entities and practices that plague the market and only benefit the most elite. The act of short selling has become so rampant and toxic that it has a genuine impact on the economy, this is the exact opposite of what investing should be. Using your money to buy companies in which you believe have a future and thus progress is made. However if a hedge fund is allowed to aggressively short a company into the ground for no other reason than to make a profit, they are putting people out of work and ruining lives so they can make even more money. Rinse and repeat. It seems like the SEC is actively allowing this behavior as acceptable and is failing its sworn duties.
Therefore, bringing transparency to these short sellers and their tactics would level the playing field and give retail an actual opportunity to succeed in the market. If a stock is shorted in the dark pools and no information is brought on that, a regular retail investor would believe that the company is failing and stay away from the stock, DESPITE the fundamentals of a company actually being solid and worthy of investment.
I am a huge supporter of transparency in the markets and I honestly believe that dark pools are abused beyond their intended use due to the simple question of \"Why should one entity with all too much power be given tools that it can benefit from while the rest is left to struggle with the bare minimum?\"
To put it in terms of my favorite racing game, in Mario Kart if you're winning you do not get any super items to boost you even farther, in pursuit of fairness you get less powerful items.
Thank you for your time and sincerely,
A Concerned Investor