Comment Text:
i0-001
COMMENT
CL-00357
From:
Sent:
To:
Subject:
Lawrence Pingree
Monday, January 18, 2010 4:30 PM
secretary
Regulation of Retail Forex
RIN 3038-AC61
Dear Secretary,
The recent proposal to limit leverage to 10:1 for retail FOREX investors would devastate my business and also
my trading as it immediately reduces the possibility of making any substantive money in the FOREX market. This
would cause me and many others to immediately remove our money from FOREX investments in the USA. We
would be forced to move our capital overseas in order to maintain our trading strategies. I think if you wish to
limit leverage, then it at 100:1 rather than 10:1 leverage which would make it still reasonable to trade the FOREX
in the USA.
Please stop this continued slaughter of random market participants. We as FOREX investors did not cause the
CDS market failure and subsequent collapse of Lehman and we were never responsible for the issues facing our
existing market. It seems that everyone is in some ridiculous line of thinking that they must ratchet down on all
trading worldwide and this is simply not the case and ridiculously outlandish to all who are involved. We are not
making bets without proper margin's and capital as was happening in the CDS and CDO markets. Please, I beg
you to stop punishing everyone for their lack of risk management.
If you eliminate risk entirely then what's the point in trading at all? Institutions who take too much risk SHOULD
fail, this is the fundamental principle of capitalism that somehow everyone in congress and other regulatory
boards seem to have forgotten. Too big to fail is a fallacy and now this thing will cause failure of my small
business along with many others simply because you want to limit risk for the few that have gone too far.
Best Regards,
Lawrence Pingree
President/CEO
http://www.SiliconValleyForex.com
Author of: "The Manager's Guide to Becoming Great".i0-001
COMMENT
CL-00357
Best Regards,
Lawrence Pingree
President/CEO
http://www.SiliconValleyForex.com
Author of: "The Manager's Guide to Becoming Great".
