Feb. 07, 2022
Hello, I am making a public comment on S7-32-10, "Prohibition Against Fraud, Manipulation, or Deception in Connection with Security-Based Swaps; Prohibition against Undue Influence over Chief Compliance Officers; Position Reporting of Large Security-Based Swap Positions" I have been investing in securities since the 1980's, and thought I had a pretty good understanding of the markets and the economy. However, it is only in the last year that I have really woken up and realized how absolutely horrendous our entire financial system is. The title of S7-32-10 really says it all, as just one example. Here we have a proposal to PROHIBIT FRAUD and deception, and a proposal to prohibit undue influence over compliance officers, and to require reporting of large swap based positions... Why has this NOT been required all along??? It seems that Mr. Gensler is trying to fix problems, and I hope he does and is able to. I won't pretend to be knowledgeable enough to lecture you folks on how to do your job, or what right from wrong is. We NEED transparency, we need fairness, and we NEED strong penalties and equally strong enforcement of those penalties. We have criminal behavior from the top down, and I can't tell you how disgusted I am. "Rule breaking resulting in a fine" is just semantics for " It is permissible for a price." I will leave you with an interesting article receiving a lot of public attention. It is demonstrative of just how corrupt our entire financial system is. Here is a small sample, and then a link to read it in its entirety: Fed Scandal Bigger Than Watergate? Jay Powell traded during restricted blackout period; failed to disclose most trade dates; apparently lied about muni conflict; directed massive Wall St bailouts despite conflicts These are turbulent times not unlike the 1970s. Supply shortages, rampant inflation, domestic upheaval, foreign affairs fiascos. But some inane desire for “continuity” at Fed Chair is not worth sacrificing every principle for which America stands. The Biden administration chose to reward corruption at the highest level of government by renominating Jerome H. Powell to Chair of the Federal Reserve Board. Next week, the U.S. Senate wants to rush a vote to bless corruption and confirm Powell in that powerful role. But reinstalling Powell as Fed Chair, after he presided over and is directly implicated in the biggest government official stock trading scandal ever, will be a permanent stain on American history — a national disgrace from which our country and its real economy will never recover. https://occupythefed.substack.com/p/fed-scandal-bigger-than-watergate I wish Mr. Gensler and his team the best of luck in fixing this disgusting mess of criminality called the U.S. Securities Market. Sincerely, D. Kraft --