Mar. 6, 2023
Good evening/morning, I hope this email finds you well. Having read the rule proposal put forward by Citadel Securities and Charles Shwarb Co. I would like to pass on my comments. Firstly I want to thank you for reading this and hope you understand my stance on the situation. That proposal presented by the two fore mentioned parties is essentially a hostage letter. Yes, that's right, you read that correctly, a letter holding the financial system hostage … I am confident the SEC can read between the lines of the proposal, because I can assure you the vast majority us do. Its become apparent that since the financial crisis of 2008, the people who committed financial terrorism were not held accountable, if anything many of them went higher up in the food chain, no oversight was undertaken and if anything more freedom was provided to the big players in the club. People literally lost their jobs, their homes, their identity, through no fault of their own, because there was absolutely no oversight. The bankers were making money, wall street was making money so lets just keep hoovering it all up until it crashes, and let the taxpayer cover the bailouts. That's literally what happened, across the globe. and it all came back to dodgy lending, and the dodgy repackaging of dodgy mortgages. Since 2008 these big players have been allowed more freedom to manipulate the market and tighten their grip on the financial system itself. Whether this is through paying off politicians, media outlets, or buying bots online, it doesn't matter to them, they have the money and they can use that to ensure no major changes happen that might turn the money tap off. What's crazy about it is that its so blatant, yet nothing has been done, why are we even in this place to start from? We had a financial crisis in 2008 because of the greed of wall street, but instead of stopping it the SEC/FED has turned a blind eye and allowed it to continue, allowed it to fester to the point where they have so much control, that any changes you try to implement receive a "proposal" like this. The market needs to be transparent to ensure bad actors do not take control like they already have. Why are you allowed to not deliver on a security that has been promised? if I decided not to pay my mortgage, an agreement I had made with the lender, my home would be taken. Why is it the rules are different when dealing with failures to deliver, it's theft, pure and simple. The fines implemented are nothing but an admin fee considering the money made off the dodgy practises, if you are doing something illegal you should go to jail, but apparently jail is just for the masses and not for bankers or wall street, they get a slap on the wrist. I commend the SEC's proposals as these are a necessity, I mean lets be honest they should already be there considering 15 years ago we had a financial meltdown because of a similar lack of oversight. I urge the SEC to read between the lines of what these two powerhouses are trying to commit, Capitalism is meant to wean out the weak businesses that don't innovate and continue to provide a service required, but we are now at a point where they have become so big that the taxpayer has to bail them out. Let them fail, lets not have another Bernie Madoff. They are not acting on behalf of the market, they are acting on behalf of themselves, to ensure they keep the money and the power. Allow the system to do it's job, you are going to turn the money tap off and they are going to go under because they are over leveraged. This will put them into a position where they will go under, but that's business, you shouldn't be allowed to use the insane amounts of capital generated through the abuse of global systems, to ensure your dodgy business doesn't go under. It's mad to even be writing this, after all that I have seen. But, I still have faith in the system, it's been corrupted but it doesn't have to be that way, these changes will make a difference and are needed. Thank you, Kindest regards, Rory Bain