Comment Text:
Johnathan Giorandino
79 Anchor Drive
Indian Harbour Beach, FL 32937-3563
March 24, 2011
David Stawick
Secretary, Commodity Futures Trading Commission Three Lafayette Centre
1155 21st Street, NW
Washington, DC 20581
Dear Mr. Stawick:
I have witnessed and dam a victim of the excessive speculation that hurt the economy in 2008 and is currently harming the economy in again in 2011.
According to data recently released by the Commission, speculators have raised their positions in energy markets by 64 percent compared to June 2008, bringing speculation to the highest level on record.
We need very strong and restrictive speculative position limits to restore balance to commodities markets and ensure that they are connected to market fundamentals, so that they fulfill their price-discovery function properly and without distortions caused by excessive speculation.
In particular, I support the following:
• the Commission's immediate adoption of spot-month very restrictive speculative position limits; • urge the Commission to adopt effective back-month levels that will accomplish the legislative purpose of curbing excessive speculation; • urge the Commission to adopt single-month limits that are no higher than two-thirds of the all-months-combined levels; • urge the Commission immediately to adopt a position-accountability regime for the nonspot months in place of its proposed position-visibility rule; and • urge the Commission to adopt lower speculative position limits for passive, long-only traders.
This must be acted upon very quickly, time is certainly of the essence, and I urge you to act quickly. Our economic and the broader economy's well-being depend upon it.
With Pressing Urgency
Johnathan Giorandino
321-604-2841
