Apr. 08, 2021
I am writing to show support for the SR-NSCC-2021-801.
As a retail investor during 2020 and the first four months of 2021, there is an overwhelming feeling of the system being rigged against me. Elected officials unloaded positions after receiving briefings about new Covid protocols. A popular trading app shut down the sale of everyone’s favorite “meme stock” and then the CEO perjured himself in front of the aforementioned elected officials.
A motley crew of retail investors has started to dig in and has discovered extensive short selling (possibly a considerable amount of naked shorting), ways of for market makers to hide positions and manipulate the market in their favor, and an overall {redacyed} to the little guy attitude by those with considerable wealth.
It is time to hold those accountable who have done so much wrongdoing. It is time to prevent another 2008 credit default swap situation from occurring. It is time for transparency. It is time to return to a free and open market where I stand the same chance to “manufacture cash” as Citadel and Ken Griffin.
It is the duty of the SEC, the NSCC, and the DTCC to hold these institutions accountable for their actions. Let’s face it, a small monetary fine for doing something frowned upon isn’t going to deter the behavior when just one market maker was able to produce 3.5B in revenue in 2018.
Thank you for your time and may our tendies be bountiful when we moon.
Sincerely,
An Angry Ape