I do not initiate any investments on margin. I use my own funds for investing in leveraged etfs. If a firm wants to provide leverage for me with their investment vehicle, I should have the right to utilize it without any interference from your organization. The last time I checked, this is still a free country, although sliding into the abyss, rapidly thanks to organizations like yourself. It is my money to win or lose. What is the difference if I traded much more highly speculative, futures or options?...no tests required? I completely understand leverage and how it is used. As I see it, a test will prove nothing? I suppose you think you are protecting the investor? I seriously have to question that. Anyone with half way decent credit can borrow, too much money on a credit card or against an asset (home) and then go to their broker and borrow against the borrowed funding. I do none of that. I don't hear or read about any requirements or testing in those situations? Unless I am misinformed there are no test requirements, for options, certainly a much more speculative investment. Name one other investment where you can be correct on all aspects of the underlying stock, future or whatever and lose money via premium decay. Why don't you go after the options market where, I understand millions of dollars are lost by pure gamblers and millenials? How about going after the SEC for trying to take down TESLA stock to enhance their own holdings by shorting the stock. Is it not illegal? and why do we not hear a word about it. It cost Elon Musk forty million dollars fighting off those [REDACTED] and in spite of all their dirty dealings the stock still went up. How about the Federal Reserve buying shares of stocks, then adding billions to the stock market enhancing their individual stock holdings. This was publicly admitted to by Chairman Powell, yet nothing is mentioned or done about it. Another illegal dealing only politicians and government agencies can get away with. How about doing something about all the games large money grubbing institutions play with their algos, hurting smaller investors and corporations. What is the problem with your organization?...not enough to do?...or too many employees and have to look for something, justifying your position. I can solve your problem, fire 75% of the staff and do something worthwhile instead of attacking small investors. Or is it you won't receive a pay off, if you do not execute the plan as set up by the administration??? With all the known corruption by our congress and large publicly held corporations, you find it necessary to go after the small investor. By the way did you go after Boeing Corp. and the federal government after knowingly putting a flawed airplane on the market, to enhance earnings and corporate stock price, killing hundreds of passengers in the process. Then having the gaul to accept government funding for all the failures and misfortunes of the catastrophe, which arose. And who took the real loss from that catastrophe, other than the victims of the crash?....the American people as it was their money. Was anything done to protect the American citizen who will pay the financial price for it? And you are worried if, I understand leverage??? give me a break. Why don't you test everyone that walks into a casino? My livelihood is dependent on being able to trade. If I cannot trade, I will most likely go broke? If that happens, can I please count on your organization to help me financially???
Rufus Groff Comment On Regulatory Notice 22-08
I do not initiate any investments on margin. I use my own funds for investing in leveraged etfs. If a firm wants to provide leverage for me with their investment vehicle, I should have the right to utilize it without any interference from your organization. The last time I checked, this is still a free country, although sliding into the abyss, rapidly thanks to organizations like yourself. It is my money to win or lose. What is the difference if I traded much more highly speculative, futures or options?...no tests required? I completely understand leverage and how it is used. As I see it, a test will prove nothing? I suppose you think you are protecting the investor? I seriously have to question that. Anyone with half way decent credit can borrow, too much money on a credit card or against an asset (home) and then go to their broker and borrow against the borrowed funding. I do none of that. I don't hear or read about any requirements or testing in those situations? Unless I am misinformed there are no test requirements, for options, certainly a much more speculative investment. Name one other investment where you can be correct on all aspects of the underlying stock, future or whatever and lose money via premium decay. Why don't you go after the options market where, I understand millions of dollars are lost by pure gamblers and millenials? How about going after the SEC for trying to take down TESLA stock to enhance their own holdings by shorting the stock. Is it not illegal? and why do we not hear a word about it. It cost Elon Musk forty million dollars fighting off those [REDACTED] and in spite of all their dirty dealings the stock still went up. How about the Federal Reserve buying shares of stocks, then adding billions to the stock market enhancing their individual stock holdings. This was publicly admitted to by Chairman Powell, yet nothing is mentioned or done about it. Another illegal dealing only politicians and government agencies can get away with. How about doing something about all the games large money grubbing institutions play with their algos, hurting smaller investors and corporations. What is the problem with your organization?...not enough to do?...or too many employees and have to look for something, justifying your position. I can solve your problem, fire 75% of the staff and do something worthwhile instead of attacking small investors. Or is it you won't receive a pay off, if you do not execute the plan as set up by the administration??? With all the known corruption by our congress and large publicly held corporations, you find it necessary to go after the small investor. By the way did you go after Boeing Corp. and the federal government after knowingly putting a flawed airplane on the market, to enhance earnings and corporate stock price, killing hundreds of passengers in the process. Then having the gaul to accept government funding for all the failures and misfortunes of the catastrophe, which arose. And who took the real loss from that catastrophe, other than the victims of the crash?....the American people as it was their money. Was anything done to protect the American citizen who will pay the financial price for it? And you are worried if, I understand leverage??? give me a break. Why don't you test everyone that walks into a casino? My livelihood is dependent on being able to trade. If I cannot trade, I will most likely go broke? If that happens, can I please count on your organization to help me financially???