Comment Text:
10-002
COMMENT
CL-01207
From:
Sent:
To:
Subject:
[email protected]
Friday, April 9, 2010 9:28 AM
secretary
Proposed Federal Speculative Position Limits
Karan Richardson
13 Lenore Road
Califon, NJ 07830-3400
April 9, 2010
CFTC Comments
Dear CFTC Comments:
As a retired Vice President of Merrill Lynch, I know how the Street works.
I retired just as the Glass-Stegall Act was being repealed, and watched
in horror as the protections put in place after the Great Depression were
finally and completely eliminated. Shadow banking and derivatives trading
are the most dangerous aspects of our current financial system. They must
be fixed now to prevent an even larger collapse of our economy in the near
future.
Nothing has changed since 2008. After almost 2 years, we still have the
same games being played on Wall Street. These people aren't betting with
their money. They use state pension funds and 401Ks to place their bets,
and if they lose those funds pay.
I've lost nearly a third of my retirement income on these risky bets. And
I'm not the only one. But at least I'm not one of the 8 MILLION people
who are unemployed because of Wall Street's greed.
Therefore, I am writing in support of the CFTC's Proposed Federal
Speculative Position Limits that will reestablish speculative position
limits on major energy commodities. This rule will provide stability to
the marketplace and help prevent future price bubbles. The CFTC must
quickly approve a strong rule to protect America's struggling economy.
Sincerely,
Karan Richardson
9088329009
