Aug. 20, 2023
Thank you to whoever will be reading this. I am writing to pledge my support for the proposed rule S7-32-10 and would love to see this implemented without exceptions and a zero-dollar public reporting threshold. The passing of this regulation would be a good start to reining in the rampant abuses that are routine operating procedures within our financial system. Please help bring some parity to the household investor by passing and then enforcing this regulation. Swaps do nothing but contribute to the enrichment of those creating value from nothing while fleecing the individual investor. Then when the total value of all this vapor blows up it is our elected officials that step in to take our tax dollars to bailout those that lit the match. Please stop the continued abuse of the productive sector. Please bring some justice back to our financial system with real penalties that will actually dissuade from the actions that proliferate now. Your current penalties are not timely or severe enough to provide any deterrent from the constant theft. And THEFT is exactly what this all boils down to. When you allow market makers in the name of liquidity to create value out of this air and do nothing or next to nothing about it, where is the deterrent? When you allow the failure to delivers to be swept away with no repercussions, how is this anything but theft? When market makers in the name of providing liquidity create far more shares that are available to sell, how is that not theft? Selling more shares than are available creating over voting for corporate leadership on too many companies for too many years, only to throw out whatever over votes they want, how is that not a crime? Or to take those votes and install their own board members to saddle these target companies with death spiral debt, pilfer the company of any assets and bankrupt them for sport and profit how is this productive to society on a whole? PFOF, dark markets trading in single digit quantities. The list of abuse is long. I get it. You’re out manned, out gunned and out monied. If history does repeat, you’re also looking at regulating either your future or former employers. My only hope is that there is someone left there that might be tired of all this. Although again if history does repeat, I expect this to be watered down, dragged out and if for some reason it is implemented, the reporting will be kept from the public until such time you’ve believe the public has forgotten. Please stop assisting this crime to continue. Regards, Jim Ferguson Household Investor