February 7, 2022
Dear Sirs/Madams
Our financial system remains unchanged since the 2008 financial crisis. Why do I feel as though nothing has been done because NONE our governing bodies will simply just ADMIT that they have known about these illegal acts perpetrated by certain actors which have historically and continuously poisoned our markets.
As an American I feel robbed, lied too, scammed.
The crisis in 2008 was avoidable and was caused by human action AND more importantly, human inaction.
That inaction has continued to the day of this writing, Feb, 7, 2022.
The difference between then and now is the flow of information and technology rightly and justly available to the people. Who can now see in real time and instantaneously look back at the failed history of inaction and improper adjustments.
Please do something. Not only is the whole nation watching but so is the world.
Please take the appropriate actions to prohibit against fraud, Manipulation and deception.
Not just in Security Based Swaps, but in the whole market.
In September of 2022, Gary Gensler stated, We are seeing a great deal of concentration, really found around this small handful of market makers that are buying a significant portion of the retail activity in the US. And we have approximately half of our market now not going to the lit exchanges they are going to the dark pools and the wholesalers (who are also dark). So there are some inherent conflicts
On Feb, 4, 2022, Gary Gensler also said, 90-95 percent of all trades are not going to the lit exchange.
I ask you, what is the point in investing in our own US markets, if there cannot even be a trusted, true and fair price discovery process??
I am appalled, disgusted and outraged by this FACT, that there is not a true price discovery process
Our governing bodies have allowed this problem to go on for years.
Decades even. Enough is enough.
Someone in our government needs to Man Up and ADMIT to our own US Governments failings.
Nobody is perfect. Especially, with emphasis, our governing bodies.
Especially our government. Own your failures.
As disappointed as I am to have to even ask our government to prohibit fraud and manipulation in our markets it doesn't even come close to the amount of disappointment I will find within myself if this committee fails to take the inappropriate action and measures to protect the people of this nation, in which they are sworn by oath to protect.
Show me the free market our government constantly claims we are, cause as of now, I am almost certain it does not exist.
Or stop calling it that
Call it what it has proven to be for me and millions of investors alike...
An absolute scam.
Pass these proposals.
Extremely concerned US Citizen,
Joe B