Aaron Feil Comment On Regulatory Notice 22-08
Dear FINRA,
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Dear FINRA,
Please allow us to have somewhere to go to protect our money!! The stock market pirates ripped me off for over 177 thousand dollars!! The tdameritrade pirates and hedge funds that have access to my account!!@! All insider trading and front running!! Business as usual!! :(
People need to take responsibility for understanding and placing money in these instruments. We don't need government intrusion. You can use the same argument for options. People generally don't understand them and if they don't they shouldn't trade options. If they do and lose money then it's on the individual.
I oppose the proposed restrictions, they are absurd and onerous to adhere to for investors. In this volatile market where buy and hold is foolish, often the only gains I can get are in the leveraged and inverse funds.
I don't think it's the government's business telling me what investments I can or cannot make or placing impediments in my path to make it more difficult or impossible. As long as the investment issues are above-board, public vehicles, and not fraudulent, scams, or money-laundering fronts, FINRA should butt out. If they are worried that we are endangering our financial well-being, don't. I can take care of myself as long as the prospectus is honest.
Public investments should be available to all of the public, not just the privileged. People shouldn't have to go through any special process like passing a test before they can invest in public securities like leveraged and inverse funds.
Leveraged and inverse funds are an important investment strategy.
I do not need these measures imposed on me.
This regulation would be used by financial advisors to essentially create a tax on individual investors who want to get exposure to certain financial products directly on their own. Perhaps there should be regulations that explicitly lay out risks of certain investments, but to force individuals to take a test or be licensed to directly buy certain investment products is entirely un American. Should we make people take tests to buy lotto tickets? Bet on sports? Go to the casino? Start a business with their own capital? These are all tremendously risky investments as well.
I understand with the influx of retail investors in the past couple years there is a need to help protect them from all of the complex investment options out there, however, restricting use is not the answer. It seems at every turn recently, the retail investor is used as the excuse for a problem that is caused by the major hedge fund and market makers. Retail traders do not have the ability to make the S&P behave like a penny stock with violent swings.
Leave my crypto currency alone!
Tax it when it is cash. Not before.
Keep your greedy hands off my investments. Seriously, [REDACTED].