August 16, 2007
As a U.S. investor of over 36 years, I find it reprehensible that the U.S. Government that takes my tax money for the support and betterment of our Country, would make regulations that allow for a select segment of the stock market investing community to profit from someone else's property. The SEC's creation of the Options Market Maker exemption simply put allows one market investor to take the equity(cash value) from stocks he has no beneficial ownership of and use without permission or compensation. The SEC's creation of "liquidity" by using the value of stocks beneficially owned by longterm shareholders is legally stealing value from those same shareholders. If the Options Market Maker were required to put his own cash at risk like the rest of us who invest, then the market would be a fairer game rather than having a select group getting to profit without risk. Please put an end to the insult and injury that the Prime Brokers and Market Makers are heaping upon those of us who have attempted to save while playing by the rules created by Congress over 73 years ago. Eliminate the Options Market Maker exemption. It should never have been created to begin with. The Options Market Maker should be accountable for the risks and choices he makes and not get a free ride on the backs of the U.S. investors. Accountability for ones actions is what supports the trust and faith that the U.S. markets are honest and above reproach.