Apr. 09, 2021
Dear SEC, I am a retail investor and given the copious amounts of information I've learned throughout this year and years prior, I am severely concerned about the integrity of our markets. While major banks and hedge funds have grown in both size and influence, they've partaken in disturbing acts that destroy businesses, obfuscate securities logic, glean profits off of goodwill investors through HFTs, and hide their fraudulent practices behind closed doors. I believe this rule needs to be enacted and with haste. Short selling and stock borrowing programs are one aspect of our markets inadequately regulated. Transparency is crucial to keeping the integrity of our markets intact, Reg SHO needs updating. During the Great Financial Collapse of 2008, the vast majority of the citizens in our society carried a burden for unscrupulous and irresponsible tactics taken by those of the highest rank in our capital markets. Save one, they were allowed to skate. This has been a major contributor to our current divide in wealth, a divide so stark that nearly 40% of our society cannot even make ends meet, while a fraction of a percent hoards the majority of value. I won't lecture you with what you already know, but I do believe the bar of punishment needs to be raised for those who violate these laws or are non-compliant. Criminal courts have been filled with offenders that have little to no impact on society at large while those who have negatively impacted tens of millions of livelihoods don't receive proper justice. Transparency and timeliness are a step in the right direction. Thank you for listening, Michael Case