July 21, 2023
I support full reporting of all swap contracts. As discovered in the 2008 financial crisis, these hidden swap deals that heavily influence the market in unseen ways can cause exceptional risk to the stability of the US financial system and the world's economy.
Furthermore, I support full reporting of ALL financial positions taken by banks, hedge funds, family offices, and any other financial entities staking out large positions in world Markets. It makes no sense that only long positions be required reported while short positions can be hidden when it has been proven time and again that short positions can be taken to destructive extremes and \"sold\" well beyond the maximum number of shares realistically available.
Whether it be secret swaps or secret short positions, greedy financial institutions are using these unscrupulous market techniques to not only bet on the failure of US companies, but to DIRECTLY influence US companies to fail while doing so UNSEEN, and effectively steal money from US investors and cause untold numbers of Americans to lose their employment.
I find it very disturbing that members of US Congress are writing to the SEC in opposition of this proposed market transparency measure, when the hidden nature of these financial instruments like swaps has proven numerous times to be financially destructive to the US as seen in 2008, or even as recently in 2021 with Bill Hwang and Archegos, resulting in the further collapse of Credit Suisse.
I support this rule and I support full transparency in swap reporting effective immediately, also with retroactive effect that will reveal the impending dangers from swap contracts written in years past. There is no ethical reason why this information is being concealed from the public.