October 16, 2021
To whom it may concern,
Thank you for taking the time for my comment on SR-NYSE-2021-60. I would like to say that retail investors have been taking advantage of for years. In the last three years, a lot of young smart individual everyday Joe investors has dug in and exposed corruption in the market. Truly sicking, the fraud and manipulation is overwhelming. There has been short sellers hedges funds that drove businesses in to bankrupt and profiting billions of dollars tax free. People like Rich Greenfield goes on TV and uses MSM to demonize a company like AMC to fear people into selling AMC will go to $.01 while having interest in streaming and other movie chains. Driving out businesses like Toys R Us, RadioShack, Sears, etc. while profiting billions. They amount of jobs that cost is staggering. Individual that works for Citadel Securities and the DTCC at the same time? Is that ethical? I marker maker, securities holder and a hedge fund ethical? Being able to see the flow and know what to short or pin? To use algorithmic software to play on peoples emotions to sell? HFT between market makers to drive price in a certain direction? The using of shorted borrowed shares and ETFs to short a company, as Melissa on CNBC says yeah naked shorts is a known term. Run out of shares to short, so make some synthetics up. How is its right to use the ETFs of the IWM and IWD to short AMC and GME down? Other companies in the Russell 1000 and 2000 doing good but losing investors to there stocks because of negative impact? A lot of everyday retail investors caught on to what hedge funds were doing. Purchased stocks and went long. Now media is trying to make them the bad guys. Thats wrong and if they lose, there will be a generational gap of people leaning the market. Looks like the government is trying to change the rules of the game mid stream to protect the fraud in the market. A lot of everyday retail investors have dump there life savings and daily living into investments like AMC and GameStop. If this rule to suspend trading is passed, will expose how rigged the SEC is and against the investor that the fiduciary duty is to protect. The world is watching, this has reaches across to other countries.
Trying to wrap my head around what halting would accomplish? There is already rules to halt or suspend darkpools. Rule SEC 304 (a) (4) which the SEC has used one time that I know of. Suspending trading in my opinion, only will show the world confirmation that the government is setting up to destroy the everyday investor. But, hedge funds can not close positions without people selling there stock. Suspending or halting will only cause people to hold longer and harder. Also, suspending will get investors fear of messing out FOMO buying as soon as the market opens back. Taking away the buy button will be a huge black eye on the SEC and government. I kinda wish there was a way for brokerages to go to there customers and ask, maybe give option to take a guaranteed amount like $75,000 per share or they could decline and see what happens during the squeeze. Me personally, I would take $60,000 a share and walk away. I truly want to open a business that is kid friendly but allows a lot of dad and son primarily bonding time. Yes, Moms are welcome too. Berkshire Hathaway BRK.A is over $427,765 a share as of Oct 9 and investors know these squeeze can go there.
I really wish government and the SEC would focus more on transparency and open fair market. Allow a stock to stand on its owns merits. Supply and demand of a share. Buyer to every seller. I think options, side bet is a casino rigged in the house favor. Allows the maker makers to pin a price of a security in the best interest of premiums return. When there is a term max pain for calls and puts. Also allows hedge funds to hide FTDs deep in the money option chains. Shorting recycled ETFs. Naked / Synthetic shorting. Government official trading and passing bills in there best interest. Feds or Congress going long on a stock or bond and then passing a bill to reap gains or same bonds the Feds buy. Really sickening. I have always purchased shares and went long. This last year, I have learned so much of how much fraud and corruption there is in the stock market. Really sickening, and Im sure theres millions more like me. Im asking for the Government and SEC to protect the average Joe everyday investor. Not change rules to inflict pain on them to protect the hedge funds that way over leveraged the market in schemes to make billions of the backs of common investors. A lot of peoples life savings, livelihood, and dreams are invested long in the market. Giving fines to institutions of .05% is just cost of business when they get over on the investor. Asking to do whats right, not redo laws to protect the ones that are destroying the market by manipulating schemes.
Thank you for your time,
James Prater
Texas