August 13, 2008
The SEC’s lack of diligence to protect the public is legend!! Spitzer, personal problems aside, made them a laughing stock with no budget. Now they are interested in ONE THING ONLY ……MONEY FOR THEIR CONSTITUANTS THE BD COMMUNITY!! These gents are upset at how much is going into these NON SECURITY VEHICLES. They want their cut…PERIOD. And their vassals at the SEC will be happy to screw the public, and non security licensed insurance agents, if their BD masters wish it so.
After all who makes the SEC possible? The public? Please, All their execs, their staff, their (I have to grin) investigators, all come from where? Broker Dealers. If the BD’s weren’t there what would they have to do?
So my fellow non security Licensed Insurance Agents, have we learned nothing? From the 70’s with Penn Central, to Mr. Milken & co in the 80’s though all the deceit and theft that these stalwart watchdogs were supposed to keep us safe from. These guys work for those who make them possible. The presumption that they will act in the Public interest is a joke! .
EIA’s are not investment vehicles which put the depositor’s assets at market risk. If it looks like a duck…and quacks…. But I think these SEC guys will get up raise their right hand and swear it MOOS!!
Walter Brown Short Hills NJ,
Recently surrendered Sec. Lic after 20yrs and happily just a plain Insurance Agent