April 14, 2010
Dear Sirs/ Madams,
If the SEC can utilize its powers to help the average investor regarding the above issue, I believe everyone would benefit, especially the US taxpayer. How so you ask? How about starting to charge a fraction of a penny for each trade? This would lessen the “insider trading” that the huge investment banking and hedge funds make on the high frequency trading. This also benefits the very companies that have their stock go on a yoyo trip from these traders and also slow down the pump and dump method used by these leeches using their “trade bots”. How about helping the buy and hold crowd that really is generating stability, instead of the Wall St. behemoth that have caused so much destruction of our economy. Just a thought.
Also, if we can regulate hedge funds and tax their profits as regular income subject to FICA (why is my work considered “wages” while their work on trading is not?) we would all be better off as a society. I know that takes an act from Congress, but how about having the commissioner start whispering this in the ears of Congress? I really feel the SEC is falling down on regulating hedge funds, it is destined to cause another melt down and the SEC is standing idly by while another Madoff is being created under their nose, shameful.
Thanks,
Cameron Alyesh
Controller