Another of my readers has written.  This one has sent a response to Senator Maria Cantwell’s letter, (previously posted today), regarding oversight of the financial sector of our country.  Here is his/her letter.  I have removed names to protect his/her privacy.  GFS


Dear Senator Cantwell,

Congratulations on your forward thinking on regulations on the CFTC.  We need a tight rein on this horse!  I especially like the idea that states should protect themselves against this type of gambling.

A number of years ago, I took a fling in the stock market and did a lot of studying in the process.  Finally decided, that gambling game wasn’t for me as there was just too much “buddy” system working there.  Too many of the same people on various boards.  And with that thought in mind, how about preventing corporations from giving bonuses of stock, where they can control the company to the smaller  stock holders disadvantage.

Also, your ideas are good, but are based on the honesty of the people enforcing the regulations and  this does not seem to be working in other areas of commerce.  I believe it started a number of years ago when people from corporations went to work for the government and rewrote regulations to help corporations and when that was accomplished they went back to work for corporations.  At the time they also managed to hire people and not train them for the oversight jobs they were suppose to do.

This is continuing today. By our not enforcing regulations or changing regulations to not allow people to use the “swinging door” to move back and forth between government and corporations.  We need to change that and provide for a five year hiatus between working for the Feds. and Corporations.  At the same time we need to enact laws that would protect  federal workers in sensitive oversight positions from retaliation from corrupt superiors.  I think this is called the Whistleblowers Protection Act.

I would like to think we live in a world where people that chose to do the right thing in their jobs, can do so without jeopardizing the rest of their lives.  I look forward to seeing you accomplish what you have set out to do.  Keep up the good work.

Sincerely yours,