Occupy the SEC

From PortlandWiki
Jump to: navigation, search

This letter, explaining the purpose of Occupy SEC and the specific and well-supported arguments to protect the Volcker Rule, after the Dodd-Frank Wall Street reforms were watered down by Wall Street lobbyists, is originally found in Mother Jones News article, In a 325-Page SEC Letter, Occupy's Finance Gurus Take on Wall Street Lobbyists

This quote taken verbatim from the letter and contains no Mother Jones content:

"Occupy the SEC is a group of concerned citizens, activists, and professionals with decades of collective experience working at many of the largest financial firms in the industry. Together we make up a vast array of specialists, including traders, quantitative analysts, compliance officers, and technology and risk analysts.

Proprietary trading by large-scale banks was a principal cause of the recent financial crisis, and, if left unchecked, it has the potential to cause even worse crises in the future. In the words of a banking insider, Michael Madden, a former Lehman Brothers executive: "Proprietary trading played a big role in manufacturing the CDOs (collateralized debt obligations) and other instruments that were at the heart of the financial crisis. . . if firms weren't able to buy up the parts of these deals that wouldn't sell. . .the game would have stopped a lot sooner."

On the home site for Occupy the SEC is a statement regarding the comment letter:

"Occupy the SEC has submitted a 325 page letter to the SEC, FDIC, the Federal Reserve and the OCC, to comment on the notice of proposed rulemaking for the Volcker Rule. In our comment letter, we answered 244 out of 395 questions asked by the Agencies.

The Agencies involved in the Volcker rulemaking process have an historic opportunity to redress many of the economic wrongs of the past, and create a future that privileges the interests of the many rather than the few. We ask that the Agencies vigorously implement the considerable responsibilities that have been discharged to them by Congress, remain faithful to the statute’s intent and consider the comments contained in this letter."

On the site is a scrollable copy of the Occupy the SEC Comment Letter on the Volcker Rule.

A PDF version of the Occupy the SEC Comment Letter on the Volcker Rule is also available