Comment Text:
i0-001
COMMENT
CL-08692
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Sent:
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Cc:
Subject:
John Bronson Bronson
Saturday, March 20, 2010 1:27 PM
secretary
bronson_200 [email protected]
George Soros opposes forex changes
Attn: CFTC
George Soros opposes the proposed changes that would restrict forex leverage to 10: 1. He has been trading
currencies for 50 years. People who trade currencies did not cause the financial crisis. The financial crisis was
caused by MBS and CDS.
Bear Stearns, Lehman Brothers, Fannie Mae, Freddie Mac and AIG all collapsed because of credit default swaps (CDS)
Now credit default swaps are going to bring down countries like Greece. CDS must be banned.
At the height of the financial crisis there were $60T in CDS. Now, JP Morgan by themselves hold $80T in CDS. CDS
must be banned. Mortgage backed securities(MBS) should be unwound and banned along with the ban on CDS.
Forex trading did not cause or contribute to the financial crisis. George Soros is opposed to a proposed 10:1
leverage on forex trading. Traders will just go to other countries and trade there. This country will soon be a third
world country with proposed rules like this.
Sincerely,
Charles Bronson
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