Dec. 26, 2022
Hello SEC, I agree. Furthermore: Market makers and financial institutions have taken a good idea and corrupted it. The current state of the stock market is a bastardized version of its former self. Market makers have abused their privileges of simply providing liquidity to engage in predatory trading via payment-for-order-flow in order to scalp retail investors out of money on a daily basis. And left unchecked, out of their 401k's and pensions longterm. In lieu of the recent FTX fiasco, whereby the company sold billions of digital assets without actual purchase, it is clear to all who have been paying attention that greater transparency is required. Glass-Steagall should never have been repealed, and it is obvious that the FTX playbook is derived from Wall Street operations. Ergo, our market makers, banks, and other financial institutions are in similar situations as FTX and they are safe for the time being due to lack of transparency, and not because the plumbing behind the scenes are working coherently FTX is not the only company who sold but did not purchase assets; this is a very common theme in our market apparently. This, combined with payment-for-order-flow concerns has led to a market whose existence is being threatened. It will survive, surely - but at what cost? Retail will foot the bill for any bailouts, of course while those responsible will get off scot-free and continue these games. Enough is enough. Simply put, I as an individual retail investor am outraged. Because of the lack of market reform, I am left with no choice but to disengage from a market that is fraudulent. I will not be fleeced of my hard-earned money and my retirement will not be left to chance. Earlier this year, I pondered if I should discontinue my 401k contributions. I have already also sold all other stock assets and am no longer considering any ETFs. The only investment I have is book shares of Gamestop ($GME) via direct registration. This is the only asset I am buying hereinafter as a means to protect myself. The mono-diversified purchase of this particular asset will continue until the system is fixed, regardless of price action of this particular asset. This is, again, because the market is rigged and all other securities are manipulated. After all, supply and demand and catalysts have no bearing on the price of a security. The price of securities are algorithmically controlled by market makers to scalp retail traders via payment-for-order-flow, dark pools, and failure-to-deliver. If the rigged stock market wishes to be taken seriously again, I expect full transparency and abolition of the issues mentioned. Thank you.