Aug. 10, 2022
August 10, 2022 In the rule as proposed, there is listed no rationale of any kind as to why pension funds should be raided by a self-regulatory organization comprised of members who gambled themselves (and their peers) into potential default. Neither is there any rationale as to why the OCC feels it would be inappropriate for OCC members to have to sell collateral. Dr. Susanne Trimbath observed recently that Politicians and Wall Street Regulators are locked in a suicide pact - unable to maintain the status quo, and unwilling to allow it to be reformed. It is precisely rules like this one and its twisted sister SR-OCC-2022-802 that I believe she is alluding to. Make no mistake - if this rule is approved and adopted by the SEC and OCC, it will cement Gary Gensler and his entire administration in history as the biggest clowns of all time.