Do you remember Kenny putting the blame on retail investors for stealing the pension funds of teachers? The SEC just gave the OCC a green light to do so.
Fresh off the presses today (Sept. 2, 2022) on the SEC website for OCC Advance Notice Rulemaking, the SEC publishes 34-95669 [PDF] for SR-OCC-2022-802 [PDF] and 34-95670 [PDF] for SR-OCC-2022-803 [PDF] giving Notice of No Objection to both. 🤬
You might remember these OCC proposals from my previous posts on how these proposals are OCC’s plan to raise money and destroy pensions:
No Objection to SR-OCC-2022-803 basically giving OCC unlimited access to pensions
No Objection to SR-OCC-2022-802 setting ridiculously unfair terms demanding money
Now, I fully admit I haven’t read these in detail. But do we really need to when the introductions say “The Commission has received comments regarding the changes proposed in the Advance Notice. The Commission is hereby providing notice of no objection to the Advance Notice.”
That’s basically government speak for “thank you for commenting; we don’t care”.
Now, it’s not all bad news.
PRO: Approving these proposals allows MOASS to happen and the OCC to stay solvent by tapping pensions for liquidity “as an alternative to selling Clearing Member collateral
under what may be stressed and volatile market conditions” during a market crash.
[T]he purpose of the proposal is to provide OCC with another vehicle for accessing cash to meet its payment obligations, including in the event that one of its members fails to meet its payment obligations to OCC.”
“[T]he proposed change would allow OCC to seek a readily available liquidity resource that would enable it to, among other things, continue to meet its obligations in a timely fashion and as an alternative to selling Clearing Member collateral under what may be stressed and volatile market conditions.”
After all, losing [teacher] pension money is much better than having to sell off a buddy’s collateral. The OCC can now access pension funds valued at over $35 TRILLION (as of 2020) plus an unknown amount of money from insurance companies. (Both guaranteed at various levels of government means taxpayers ultimately pay for Wall St’s degenerate gambling losses.)
CON: Well, bye bye [teacher] pensions. Just as Kenny “predicted“.