Aug. 09, 2022
August 9, 2022 I lost my job in 2008 when the mismanagement of risks by major financial institutions caused a massive recession. For the next two years I felt the direct impact of that, including homelessness, while looking for a new job. Now, the OCC is asking to be allowed to use money from MY Pension, that is paid into from MY Paycheck, to handle THEIR bad bets in the case of a member default. To allow this would be a dereliction of the SEC's regulatory oversight responsibilities. 1. It is not in the best interest of the American people that their pensions are used as a piggy bank to backstop bad debts. 2. It is not in the interest of fair and free markets for the OCC to have these funds to use as a way to backstop bad bets when other market participants do not have such access. 3. It is not in the interest of risk management or institutional responsibility to allow them to pass their bad bets off to pension funds. If this is allowed to pass, it would inevitably lead to a conflict of interest that would see the OCC selling off the positions that are least profitable or in most danger of massive declining valuations to the pensions of hard working Americans, like teachers, nurses, and librarians.