Comment Text:
6/15/20
“Submit Comments” for changes Re: “Part 190 Bankruptcy Regulations” and RIN 3038-AE67,
My comments for changes needed within Part 190 of Bankruptcy Regulation come from my experience in public companies I invested in but lost as an Equity holder. Most of my comments derive from over 12 years of FDIC’s control and lack of transparency with taking receivership of Washington Mutual Bank and not getting fair value for the estate. I have calculated the unaccountable assets of over $72 Billion that have gone missing or were given to JPMC at no cost.
In the WMI case, Washington Mutual Holding was forced to file Chapter 11 as FDIC not only forced the Bank into receivership but took control on all the books, records, and assets of the Holding company. Most of those assets were held in legally isolated, safe harbor Trusts under management by other banks, but now after 12 years those assets have seemed to disappear or were given to JPM for less than fair value.
It is my opinion that this was more an act of bank robbery and the work of Shelia Blair with her close ties to Jamie Dimon and JPM. Equity investors around the world witnessed FDIC’s abusive powers that not only took control of Washington Mutual Bank but also the assets of Washington Mutual Holding and shredded those assets without get fair market value. It has been over 12 years and this receivership is still open and getting mishandled by lack of transparency and the extreme powers of Wall Street.
It is clear to many investors around the world that Wall Street is a broken market- manipulating system that needs a major fix. Many of today bankruptcies are the cause of Wall Street powers that SEC and FINRA has failed to control. Many of the creditors that line up for any remaining assets are large Wall Street Hedge Funds that destroy the value by aggressively short selling and naked short selling shares to destroy good companies. Many creditors are aligned with insiders that understand the corporate structure and know what assets are held in safe harbor trusts and are not subject to Bankruptcy review.
Both the SEC and FINRA must make changes to this one-sided system by forcing more transparency with Wall Street’s large financial firms and the lack of oversight that makes it profitable to Manipulate the market daily. Why is it good for our economy that Wall Street’s security traders have all the tools to destroy company value through Short Selling, Naked Shorting, and Manipulation of securities without proper regulation, and those Hedge Funds then line up as creditors for any asset remains? It is clear to many that most of Wall Street stock analyst are only there to pump and dump stock value to help those powerful Wall Street firms they are aligned with.
I followed the Washington Mutual Bankruptcy Case No. 08-12229 (MFW) which was inefficient, costly, and filled with collusion and back room deals. Although this case has recently closed after 12 years, the FDIC has yet to finalize the receivership. I wrote many objections regarding skyrocketing professional fees that totaled more than a billion dollars. I have seen how easily our professional bankruptcy lawyers can pad their billable hours and our Judges just rubber stamp them. I have filed objection reports for lawyers padding their billable hours day after day, often up to 20-24 billable hours daily that should be considered humanly impossible, but they all get paid. Our Bankruptcy system must change and be more efficient for all. Why should it take over 12 years to complete a Chapter 11 Reorganization?
I make this request to you who have the authority to bring about changes in regulations and oversight which has caused destruction to our bankruptcy and security system. I feel we need to slow down the transfer of wealth from small investors to Wall Street. One tool could be to charge a fixed regulatory fee on each trade to slow down the manipulation. This fee would go back into regulating Wall Street’s trading practices. Small investors are at an extreme disadvantage when our regulators give Wall Street the fastest computers programed with algorithms making thousands of trades per minute designed to manipulate a security for their advantage. This must change!
Sincerely,
David Shutvet
[email protected]
847-359-3449
CC: CFTC Comments Portal: https://comments.cftc.gov
- Mail copy to Christopher Kirkpatrick, Secretary of the Commission, Commodity Futures Trading Commission, Three Lafayette Centre, 1155 21st Street, NW, Washington, DC 20581.
- Email CC to:
- Robert B. Wasserman, Chief Counsel and Senior Advisor, [email protected]
- Kirsten Robbins, Associate Director, [email protected],
- Andree Goldsmith, Special Counsel, [email protected]
- Moncada-Terry, Special Counsel, [email protected]
