Comment Text:
Roger Hall
7430 Raleigh Street
Hollywood, FL 33024-2720
November 22, 2010
Gary Gensler
Commodity Futures Trading Commission
Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Chairman Gensler:
I am deeply concerned that the whistleblower rules the Security Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) are currently drafting will not fulfill the Congressional intent of Dodd-Frank. I am concerned that the corporate lobby will have undue influence on the final rules to protect whistleblowers.
I am particularly concerned with admissions by the SEC that their proposed rules would 'limit the pool of eligible whistleblowers,' 'reduce the number of possibly useful informants,' 'discourage some whistleblowers,'
cause 'persons not to come forward,' and result in 'forgone opportunities for effective enforcement action.' These are not the rules that Congress intended. These rules violate the law and undermine the public interest.
The SEC proposed rules completely undermine efforts to protect employees who risk their careers to expose fraud. Incredibly, not only does the SEC admit that their rules undermine the legal protections in Dodd-Frank, but the SEC failed to adopt recommendations of their own Inspector General on how to improve their whistleblower reward program. The SEC proposed rules are so flawed that they must be discarded in their entirety and should be replaced with rules that conform to the recommendations of the SEC Inspector General.
The CTFC should not blindly follow any of the SEC's recommendations and should instead write rules will encourage whistleblowers to report commodities fraud.
Wall Street has been a mean street for any employee who has the guts to step forward to report securities and/or commodities fraud. As a result, every American has suffered from the financial meltdown. The SEC and the CFTC must write rules that will prevent another financial disaster, ensure compliance with the law and encourage employees to risk their careers by becoming whistleblowers.
The SEC's proposed rules will have the opposite effect. Please do everything in your power to ensure that the SEC withdraws its current proposal and approves final rules that protect the public. We cannot afford to have the SEC fail to detect the next Bernie Madoff, costing innocent Americans billions of dollars. Congress, the SEC and the CFTC must do what the law now requires: protect whistleblowers that risk their jobs to report fraud! We also need to stop insider trading by members of our senate. Then there is the idea of cutting Social Security by letting those people pay less into the program, most Americans no nothing about investing, any most cannot afford to hire an account. It just another scam to reduce the cost of running a private company. First we cut the taxes they have to pay, we let large Corp. move overseas and then they pay no taxes. They should be made to match the amount taken from my check. If it is reduced then they pay less and make more. The price of oil has dropped a lot yet the cost at the pump is not reflected in the drop, Why, because the Gov. would lose money collected on gasoline tax. Last year was a record year for profits made by large corp. yet that was not reflected in the stocks they have sold. They use that money to expand in foreign countries and pay those woking for them pennies as to what they would have to pay the American worker. Keep it up and we will become a third world country, and our crime rate will skyrocket. People are used to a way of life and will do just about anything to maintain it. One more thing someone making $250,000 dollars a year is NOT middle class, if that was the case all new members of the Congress would be considered middle class if you just count the amount paid to a first year Congress person. Stop the corruption, whistlebloweare trying to keep people honest so protect them.
Sincerely,
Roger Hall
9549660565
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