April 24, 2022
This rule is written to circumvent the financial responsibility that brokers, hedge funds, and big banks have put themselves in due to leveraged securities, derivatives and naked shorting. This is nothing more than an attempt to launder illegal naked shorts and FTDs. A perfect example of this is Citadel owing (per their own 2021 financial statement) over $65 billion in securities sold, not yet purchased, at fair value.
So rather than pay their debts and pay retail, they conjure up rules to avoid their exposure. This is financial treason, and another example of how the banks, the Fed, hedge funds, large financial firms like Blackrock and Vanguard pull every sinister trick to keep the masses poor.
These proposed rules would allow hundreds of billions of dollars to go unpaid while harming retail investors, retirement funds essentially letting the 1% off Scott free while retail investors and tax payers are left holding the bag of debt for their poor investments.