Join Occupy the SEC in Pushing Congress to Reject Dodd-Frank Deregulation
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Dec 11th, 2014Someone from Walnut Creek, CA signed.
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Dec 11th, 2014Someone from Port Jefferson Station, NY writes:
I have worked on Wall Street for a variety of financial firms from brokerages, to banks, to insurance companies ? each with their own derivatives trading desks and programs. In fact, I have worked for some of the largest derivatives trading operations in the World. One of my sterling credits is that I designed & project managed the Mortgage-backed-Securities retail and processing network on the NYSE that contributed to the economic malaise and popping of the leverage balloon that exploded in September 2008. I did so in the capacity of network and technology support but in order to do so effectively, I had to understand fully, what was going to occur, what was expected to happen and why it was happening. That gave me a unique and prescient view of why derivatives are, in fact, traded by financial firms on Wall Street. But foremost, I asked at the time why are the traders doing what they are doing, who does it hurt and who does it benefit? The ultimate point of trading derivatives is for the traders to gain an advantage over commodities producers, purchasers and consumers by gaming them through automated technology and trading programs that offer a leveraged advantage over those human beings that do not have the same technology advantages. That is why it is so lucrative for Wall Street players and it is also part of the reason why you have a declining middle class in the United States. The sole value of derivatives trading (which is not at all why humans actually trade them) is to provide balance to the inequality of pricing that occurs from market transactions. However, derivatives trading should be minimized in an economy and should only account for a small percentage of financial transactions in a economic system whose purpose should be to deliver products and services to human beings. Please do not alter the Dodd-Frank Regulations. Further review and public commentary are absolutely necessary for any changes to take place. Even Dodd-Frank legislation is too weak to prevent the avalanche of the winter snow that you will create if you do otherwise.Dec 11th, 2014Someone from Hilliard, OH signed.
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Dec 11th, 2014Someone from Charlotte, NC writes:
We need more oversight, not less, and we need it adequately funded.REPORT COMMENTS
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No, CancelDec 11th, 2014Someone from New Canaan, CT signed.
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Dec 11th, 2014Someone from Muncie, IN writes:
As Warren Buffet once said "derivatives a financial time bomb". Vote to deregulate and you will be aiding and abetting the lighting of the fuse and will be so judged when it blows up.REPORT COMMENTS
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No, CancelDec 11th, 2014Someone from Greene, RI signed.
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Dec 11th, 2014Someone from San Francisco, CA writes:
You're not only corrupt, but cheaply bought.REPORT COMMENTS
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No, CancelDec 11th, 2014Someone from Uniondale, NY writes:
This tactic of adding last minute, non-related items to 'must pass' bills must be stopped. It is not new. It is, however, making a farce out the belief that we have a functioning, Constitutional, limited government. It makes a joke out of the concept of 'consent' by the people. What is the purpose of government? It seems to be to facilitate the fleecing of the majority to enrich the very few.REPORT COMMENTS
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No, CancelDec 11th, 2014Someone from Lummi Island, WA signed.
Dec 11th, 2014Someone from Marietta, GA writes:
As usual Congress sells itself out to the highest bidder. Anyone in my district who votes for this will lose my vote in the next election.REPORT COMMENTS
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No, CancelDec 11th, 2014Someone from Portland, OR signed.
Dec 11th, 2014Someone from Lowell, MA signed.
Dec 11th, 2014Someone from Gig Harbor, WA signed.
Dec 11th, 2014Someone from Kirksville, MO signed.
Dec 11th, 2014Someone from Healdsburg, CA writes:
Please bolster Dodd Frank, not tear it apart. Truly we can't trust Wall Street due to how incentives work (bonuses, compensation, etc. for increased revenues irrespective of quality products)REPORT COMMENTS
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