Apr. 20, 2022
Hi, Come on guys - this is getting ridiculous. It's one thing to completely turn a blind eye to retail, but it's another thing to blatantly create rules on the fly to give an out to people who made bad bets. We see it everyday - from big systemic changes that give an "out" to wall street such as the meme stock craze, nickel squeeze, all the small "fines" for FTDs and other violations by the big players. I believe the purpose of the SEC is to make the market FAIR FOR EVERYONE. When wall street already have the super fast computers, HFTs, huge budgets, PFOF, Dark pools, willingness and ability to front run our trades for arbitrage... Fines HUGE for retail but pennies to wall street. I've seen Gary Gensler on Jon Stewart's show on Apple TV, and the metrics they brought up about retail ownership being LOWER after the "democratization" of the stock market through etrade, robinhood and the likes. When will you act? This rule being proposed is another safety vehicle for shorts that lost a bet. Instead of buying the shorted shares back from the market, you will allow then more can-kicking capability? As if they needed more help and more "leverage". No. Just no. It's blatantly obvious that NUMEROUS securities have been illegally pummeled by hedge funds - and most of those will never get resolution. (Sears, ToysRUs, Blockbuster and HUNDREDS of others) But now we are noticing, now we are more aware than ever before. Please reconsider, and please at least try to be less obvious that retail doesn't matter. We know we don't pay as much as the big banks and hedge funds - and that in itself is a problem. There's way too many alphabet agencies that are already catering to the rich (if not all) - but if you continue to contribute to squeezing retail, this will always be the case. When retail wins and we're allowed to change the rules to make it fair, please consider the SEC's legacy. This may be the first time in the history of the SEC that you can ACTUALLY balance the scales just a bit for retail. Regards, Retail Joe