February 8, 2022
It almost reads like a Saturday Night Live sketch, that a rule prohibiting fraud, manipulation, or deception would need to be introduced
I am appalled at what I have learned in the past year about market structure and the extent to which retail investors have been harmed by bad actors such as Citadel essentially operating as an unchecked financial terrorism cartel in concert with Point72 and Melvin, among others.
The GameStop saga has been grossly mischaracterized by the negligent (or complicit) media, but there is a new generation of investors, many of us well educated and affluent, that are not fooled. We are not leaving and we will continue to get louder. Its painfully obvious that swaps have been used to hide short positions and mislead the investing public. The systemic risk posed by these bad actors must be held to account. Further disclosure is absolutely necessary to preserve the USAs reputation for having the most fair and free financial markets in the world, a reputation that sadly has been dragged through the mud as of late.
I have faith that there is a new sheriff in town at the SEC and that GG is not corrupt. That he and his team will not follow in the footsteps of past SEC leaders who literally failed to act in the face of evidence of Bernie Madoffs crimes, who failed to enforce RegSHO, who were an embarrassment to the office they held and the country they serve.
The daughters and sons of this great nation deserve better. Dont let the corrupt financial terrorists shoot down this proposal to protect their illegal racket. Pass this rule and more This is one step in a long line of action that must be taken to save our markets and protect retail investors from bad actors.