March 8, 2012
Greetings,
Section 619 of the Dodd-Frank Act ("Volcker Rule") gave you specific guidance to write a rule that places strict limits on proprietary trading and ownership of hedge funds/private equity funds by banks. Unfortunately, your proposed implementation of the Volcker Rule creates a number of loopholes that can be exploited by banks.
We ask that you close down those loopholes and be faithful to the elected leaders of this Nation and the guidance they gave you in the form of Dodd-Frank Section 619. Further, between now and July 21st, 2012, the banking industry will send its loyal army of lawyers to lobby you to try to dilute your current draft of the Volcker Rule.
I join Occupy the SEC in requesting that you faithfully and strongly implement Congress's intent when you draft the final version of the Volcker Rule.
Please stand up to the banking lobby and protect the people, and not the banks.
Sincerely,
I was a trader at the Chicago Board of Trade and the Chicago Mercantile Exchange beginning 1985. Left the floor May of 2005 but still own a membership.. The day Clinton signed into law the repeal of Glass Steagall Act, I came to recognize that these vested financiers have no interest for the well being of our nation, its growth by its people. Rather, they game a money system disguising it as production by the workers in so doing giving a 51% chance of winning. When the 49% odds brakes the bank they rigged it so regulators can not close the doors of the casino. Instead politicians are forced to fixed the door with a new hing (money) and the club is right back at their 51% betting advantage. As in the law of averages dictates, keep playing even while losing and you will always win back your money. A rigged game is not in the best interest of our children, grandchildren and wealth of the nation.
Richard Malato
Chicago, Illinois