March 28, 2007
My comment will not be respectful because quite frankly I have no respect for you or anybody else employed at the investor protection agency, otherwise referred to as the Security and Exchange Commission. It is well known to active individual investors your agency has no teeth and is simply a sock puppet controlled by much more powerful entities than yours. The SEC has been worthless since it's inception, regulated to an agency which pursues and prosecutes lesser criminals while the fat cats pilfer the savings of the American middle class. The rich have been taking from the working class for centuries, this is nothing new.
So you announced charges today against two Enron lawyers. The masses will be proud. Tell me Mr. Chairman, what is the difference between these lawyers, Mr. Lay, Mr. Skilling and Mr. Fastow and the prime bankers, hedgefunds and market makers you so dutifully protect? Nothing would be the correct answer, well except one side goes to jail and the other side is allowed to continue their criminal activities behind the veil of secrecy and apparent government protection. Both sides conceive intricate schemes to defraud and steal money from the public. Thank goodness the investor protection agency was able to get to the bottom of fraud committed by that scoundrel Martha Stewart. I sleep much better knowing your agency is on top of whitecollar crime.
I suspect the angle here is the fact you are fully aware 95% percent of the American public has no idea how the markets work. You are fully aware 95% of the American public invests money from their paychecks through a broker and have absolutely no idea what companies they actually own in their investment portfolio. You are fully aware 95% of the American public invests their hard earned money for retirement with an expectation of oh, say 5% to 10% year over year appreciation. Heck, better than a savings account You are aware the only interest 95% of the American public has in the stock market comes 4 times a year when they receive their broker statements. You are fully aware 95% of the American public has no clue what short selling is, much less an understanding of naked short selling, and never will. You are fully aware this issue will never reach public outcry. You are fully aware that much like every other protective agency in our country, you will conduct a complete and thorough investigation into the alleged crimes after the damage has been done. I suspect you, like the rest of your staff, could really give a damn as long as your fat paycheck is received twice a month while feeding the public with chest pounding acknowledgment of lesser crimes prosecution, without of course, any admission of guilt. I find it so humorous to see an extended comment period, or any comment period for that matter, simply because it was known exactly what the grandfather clause was designed to provide those criminal elements when it was created in the first place.
Who do you people think you are fooling? That's right, 95% of the American public. Just know this sir, every comment letter you receive is from an individual standing up for the rights of another uniformed million. Please correct me if I am wrong, sir, but.... isn't that your job?
Settle the failed trades, yesterday.
Revoke the Grandfather clause, yesterday.
Revoke the Marker Maker exemptions, yesterday.
Settle all trades within T+3, starting today.