Comment Text:
My family was affected by the financial meltdown by lost investment revenue (my 401(k) virtually evaporated), which was very bad news since I am now disabled (just when I neededto be able to rely on my savings). The family home likewise lost value overnight and was underwater for years. We have been hanging on, able to pay the mortgage, but others in my family were not so fortunate.
How is it, in a nation that should have learned its lessons in the Great Depression, that this was allowed to happen, AGAIN, for the very same reasons? Those who refuse to learn from history are doomed to repeat it--EXCEPT when they game the system to transfer wealth from the taxpayers (leaving individuals to suffer) on the rationale that they're "too big to fail." 4 years later, they are still gaming us. Please recognize how important it is to bring about meaningul reforms.
I never again want to be called on to bail out big corporations and Wall Street banks for irresponsible “heads I win, tails you lose” gambles.
Effective oversight of the $700 trillion global derivatives market is a key to meaningful reform. Because this market is inherently global, risks can be transferred around the world with the touch of a button. The proposed guidance you have issued on cross-border application of Dodd-Frank derivatives rules shows that you understand the importance of this issue. But the proposal contains multiple loopholes that could allow foreign affiliates of Wall Street banks to escape regulation. Big U.S. banks and other major U.S. derivatives users are global corporations with hundreds if not thousands of foreign affiliates.
If we don’t regulate them everywhere, we can’t regulate them anywhere. Please make this guidance stronger to ensure that new Dodd-Frank derivatives protections will directly apply to the full global activities of all important participants in the U.S. derivatives markets.
Thank you. Do the right thing, finally.
