Aug. 01, 2022
August 1, 2022 How could anybody think it is okay to take money from peoples retirement and insurance funds to cover gambling debts? You say this is investing, not gambling, but if it were just investing, they wouldnt be in a predicament where they need to use other peoples money. If I make a bad trade in the stock market, I am held responsible for payment. The same should be true for OCC members. How is this even up for discussion? Make the individuals who made the bad choices be held personally responsible for those choices, just like those of us who live in the real world. If I as a simple uneducated investor have enough sense not to risk more than I can afford to lose, how much more should the brightest minds in finance be able to, and be required to properly manage their own risk? If I go to a casino and lose all my money and the titles to my car and house, I cant just offer up somebody elses house so I can keep gambling in the hope that things will eventually turn around. Yet this is essentially what OCC wants to do, and in fact are already doing to some degree. You at the SEC need to reduce all this rhetoric down to real-world terms and see that this is completely unreasonable. I should not be liable, either through tax-funded bail-outs or through the use of my retirement funds, for the poor risk management practices of OCC members. It is time to make THEM pay for their own greed-fueled mistakes.