April 12, 2008
From : Michael F. Mather, severely harmed private investor, SC
The light has been shined on the illegal actions of the SEC that has ceased to execute its mission of protecting the interests of the small investor. Rather it has been co-opted by the prime brokers and their hedge fund client base . As evidenced by its shameful Chairman Cox and his reluctance to initially even acknowledge then later effect damage control caused by the FTD scandal and also by the equally culpable recently retiring group of commissioners, the SEC, as a body, has allowed itself to become an accomplice to the siphoning of small investor wealth to the pockets (sometimes offshore evading IRS scrutiny) of criminal brokers. The NIPC rule petition explicitly describes how this has transpired; the unanswered question is WHY.
The SEC is reminded of its obligations to the will of the people via the Congress.
Fix the problem by quickly responding to the appeal / demand of File 4-557. No more loopholes replacing loopholes. The integrity of the US financial marketplace is at stake.