Comment Text:
i0-001
COMMENT
CL-04764
From:
Sent:
To:
Subject:
Luke Belz
Monday, February 1, 2010 9:49 PM
secretary
'Regulation of Retail Forex' ...where's the love???
]D
Number:
RIN 3038-AC61
Dear CFTC:
My forex brokerage firm recently alerted me that the CFTC intended to restrict the amount of
leverage applied in the forex markets. Although, I agree that 400x or 200x is too much
leverage, 100x has been the norm since I began trading currencies 7 years ago.
The idea that the CFTC has the authority to "protect the people from themselves" is
ridiculous. If I were an ignorant, uninformed, high school dropout, the legislation makes
sense. Even then, the chances are that I would be able to read the risk disclosure and
multiply gains and losses by 100x.
Just like everything else this socialist administration seeks to accomplish, the CFTC is
attempting to restrict abled individuals from profiting from their intelligence and risk tolerance.
If I too wanted to spend my days restricting the free markets while living off the generous
salary and entitlements provided by the taxes paid in from the private sector, I too would
approve of this legislation. Until then, which is unlikely, please send me a box of trojans and
lube, so it doesn't hurt so bad when you rape me like this administration and the CFTC is so
inclined to do.
Sincerely,
Joe Six Pack
