September 19, 2015
I believe small investors should be concerned about this proposed rule. We have huge companies receiving civil penalties instead of criminal charges and now the Security Exchange Commission want to establish a private swap data repository?
What are you trying to hide?
I believe we should head in the opposite direction and there should be more transparency. SEC should try to protect the small individual investor instead of always protecting big business. This last disruption of the market should serve as a warning to SEC and know if you keep ignoring your responsibility to the individual investor, you will leave the individual investor no choice but to remove themselves from the market entirely.
So many people believe the SEC is corrupt and are losing faith in SEC's ability to protect the public interest. This is why so many people want to sue and challenge administrative judges because you SEC appears to be biased and is why consumer confidence is almost nonexistent. You claim to respect whistleblowers but try every legal trick in the book to change ruled or cheat the whistleblower out of an award.
I do not understand how this proposal is in the public interest? It only serves to give big business another place to hide billions in theft.
My hope is if this secret repository happens that small investors and 401K owners file a class action law suit. There really needs to be a shake up at SEC because you are completely out of touch with the individual investor and have completely gotten away from your original purpose.
Thank you