Jun. 27, 2023
Hello SEC, I am writing to comment on SEC rule proposal S7-06-22 Modernization of Beneficial Ownership Reporting. In particular, as a household investor I was alarmed to see the modifications to rule 13d-3 deeming certain cash-settled derivatives holders as beneficial owners. I was even more shocked to see that such a modification would not even net out shorts against longs, meaning an entity/hedge fund could be net neutral or net short on a stock and still have voting rights. This effectively means that a hedge fund or market maker with a massive derivative short position on a company can use their much smaller long position to receive voting rights and thereby infiltrate and destroy the company within to benefit their net short position. This is flagrant corruption and rule-writing in favor of Wall Street hedge funds, market makers, and banks. As an American it's exasperating to work all day long only to come home to corrupt institutions that should - but never do - work on behalf of the public good. I would ask that the modification to rule 13d-3 be immediately revoked. Additionally, I will be petitioning the FBI and DOJ to investigate all criminal elements within the SEC because it's clear this organization has been captured by special interests. Thank you, William Bledsoe