July 24, 2008
SEC going thru the motions yet again but, as always,failing to act in the interests of the small investor.
The entire body of hardworking staff should resign in protest having to report to a mgmt board consisting of bent appointed officials,headed by the smooth talking but entirely corrupted plastic man,cox.
The so-called emergency measure recently announced is a farce and an insult to the voting public. Firstly, no emergency measure is required at all to address the NSS scandal plaguing the country forever, but most pronounced during the last 10 years. All the commission needs to do is enforce existing regluations specifically T+3 transaction covering.
Secondly, this co-opted SRO (the term in itself a farce)further insults the public with yet another in a series of requests for responses to proposed rule changes. Public responses to all have been numerous and ovewhelmingly in favor of enforced regulation yet the process ignores the public,drags on indeterminately and only listens to the special interest powers that 'own' the agency, via closed door minutes where no notes are kept or made public.
So again WE say, enforce T+3,eliminate the MM exemption, reinstitute the uptick rule and have all rules apply to the entire marketplace. Simple,effective, fair honest.
Thirdly,in a grotesquely transparent effort, the SEC seeks to protect only those 17 institutions that primarily enable the NSS activity in the first place. And a couple of them are not even US owned interests
But with cox making a cowardly,disgraceful exit in 5 months (folowing the tracks of the other cowards leaving after the GAO investigation into the Aguirre scandal) and elections in 4 months,I expect nothing will happen to even the playing field. ILLEGAL shorts rule the roost, dodging the IRS,ruining small caps, paying off oversight regulatory officials and transferring wealth from the small investor to their overseas accounts.
America be ashamed