Oct. 31, 2022
October 31, 2022 Folks, I am tired of apologizing for my profession and the actions taken by wall street. I have been at this for a while and watching these institutions taking over our democracy and free markets through ridiculous legislation and negligent supervision has made me question just how free out markets really are. Let me say this if you haven't figured it out yet. Swaps are an unnecessary evil that wicked smart bankers created to be able to take or give over-leveraged positions to investors and institutions alike. Ask Archegos Capital about how easy it is to skirt the reporting rules regarding taking exposed positions greater than 5% in a company through total return swaps. Heck, you folks know full well that the swaps used in 2008 had a large role in shifting the financial losses to retails hands. The SEC needs to act on the behalf of the individual investor. These banks will be fine no matter what, since they get bailed out every time they need it. Here is an idea. Protect the small guy by not letting the big guys use swaps and other tools to hide their risk. Enough with allowing companies to hide their positions. Demand full transparency