Comment Text:
i0-001
COMMENT
CL-04260
From:
Sent:
To:
Subject:
Attach:
[email protected] on behalf of
Tristen Lane
Wednesday, January 27, 2010 11:32 AM
secretary
REGULATION OF RETAIL FOREX / RIN 3038-ac61
CFTC BANK FOREX LIMITS.docx
Mr. Stawick,
I know that you are going to have a lot of rebuttal about the proposal to drop the leverage on this matter.
However as a consumer and a trader in the forex i find myself with reserve on this matter.
I feel that "BIG BUSINESS" that abuse the system should have the limitations put on them and not the
private trader such as myself.
The banks are scared because they feel that their evil practices are finally being revealed. If you look a
little further into this important matter you will find some other little tricks they use. This is what they
are scared of that the fed will find out. Just to let you know your on the right track.
Banks do however provide liquidity in the forex, and they move the markets. If you put forex
regulations on them then it will cause them to put unnecessary fees and fines on their customers. THIS
is what needs to be regulated.
However there is a bright side to this. There is a solution. I support your decision to limit the trading
leverage but in a matter that will keep the banks happy and to keep them out of my pocket and to repay
the billions that they are taking away from honest citizens.
Please find attached a simple but humble solution that I have prepared in hopes to do my part in trying
to stabilize the strongest country in the world.
Thank you for your time sir,
T. Lane
Former US Army Infantry Iraq and American Legion Member and American.CFTC BANK FOREX LIMITS
1. REQUIRE BANKS AND BUSINESSES THATTRADE, AND HAVE RECEIVED BAILOUT MONEY
TO SUBMITT TRADING ACCOUNT INFORMATION EVERY THREE MONTHS TO CFTC AND
WHITE HOUSE.
2. TRADING BANKS AND BUSINESSES THAT HAVE RECEIVED BAILOUT SHOULD RETRUN
MONEY FROM THEIR TRADING PROFITS EVERY QUARTER UNTIL PAID OFF. IF THEY DO
NOT COMPLY SEIZE THE ACCOUNT AND TAKE A PERCENTAGE UNTIL PAID OFF.
3. CHANGE THE LEVERAGE FROM 10:1 TO 50:1 SO THEY CAN HAVE SOME BARGANING
LEVERAGE AT THE TABLE.
4. REQUIRE THE BANKS TO DEFER ANY FESS OR NEW REGULATIONS FOR THE CONSUMER
TO PAY BACK THEIR BAILOUT. THEY GOT THEMSELVES IN THE MESS AND THE
CONMSUMER SHOULD NOT BE LIABLE IN THE FORM OF UNNESSARY FEES.
5. AFTER BANKS HAVE PAID BACK THEIR BAILOUT, MONITOR THEIR TRADING ACTIVITES
AND IF THEY PROVE THAT THEY ARE PROFITABLE AND ARE NOT RECKLESSLY SPENDING
MONEY THEN PUT THEM ON ATEMPORARY PROBATION IN WHICH CFTC OR WHITE
HOUSE CAN CALLTHEM IN AND DO A REVIEW. IF THEY PROVE WORTHY, LEAVE THEM
ALONE.
6. 50:1 WILL KEEP THE BANKS AT AN ADVANTAGE IN THE MARKETS FOR THE ECONOMY.
ANYTHING LOWER WILL RESTRICT MOVEMENTS IN THE FOREX AS WELL AS THE
STOCKMARKET.
7. IF, AFTER BAILOUT IS PAID AND BANKS FAILTO PERFORM IN A POSTIVE MANNER THEN
CFTC AND WHITEHOUSE SHOULD DO ONE OR TWO THINGS. HOLD THE CEO OF THAT
BANK OR BUSINESS RESPONIBLE. AND MAKE IF PERFECTLY CLEAR THAT ANY FURTHER
COLLAPSE OR RISKY ALLOCATIONS OF MONEY IN THE SYSTEM WILL RESULT IN HEFTY
FINES FOR THE BANK AS A WHOLE AND OR FINES AND PRISON FOR THE GUY WHO JUST
CANT ABIDE BY THE RULES.
NOTE: IF IT WERE ME I WOULD FINE THE CEO. IF YOU FINE THE BANK THE CONSUMER SUFFERS.
PUT JOHN Q. BANKERS ASS ON THE HOT SEAT.
