Seven NYSE Specialist Firms Forced To Disgorge Stolen Funds Today... I got 4 separate cheques in the mail totaling about $500... As part of the SEC mandated Distribution Plan to Injured Customers. Here is the volumnous SEC litigaton page: http://www.sec.gov/litigation/admin.shtml Specifically this action down the page 34-5102: http://www.sec.gov/litigation/admin/2006/34-54102.pdf See? The racket was run by 7 top blue chip firms. And also... 15 Specialist individuals face criminal charges stemming from this action... But it's all basically a ** charade **. These racketteers are disgorging like 1% of their proceeds from crime. Over the years they would cheat me for at least $100/day... and here I get $500 total. Only if Specialists do serious jail time... Like 10 years with no parole in a cell with Bubba the crack dealer... Will the NYSE and Amex get cleaned up... But it will never, ever, ever happen. Specialist and Market maker theft is just a hidden cost of doing business... And this gets covered up before you can blink. Oh-oh... here come the NYSE apologists on the dead run... to take me out.
This is sort of like prosecuting 15 Enron mid-level managers... And then Enron goes back to business as usual. The people at the top... The CEOs of Bear Stearns, etc and the NYSE Brass... All allow this to happen in a ** premeditated way **... In fact, carefully construct systems to facilitate theft. If you put a few Wall Street CEOs in jail... Enforce upper management reponsibility as it is under the law... That will put an end to this INSTANTLY. Putting software systems in place to eliminate Specialist theft is ** dead simple **... Instead the NYSE builds this phony "Surveillance Department" who's real job is to cover it all up. We can laugh it off... And I am very profitable regardless... and can afford a "Specialist Tax"... But all the marginal players here... Are being put out of business by these racketeers.
It's a great point. Software to monitor for specialist violations could be put together single-handedly by some of the folks who post to ET. Instead, the NYSE and regulators scratch their heads for years, wondering how to curtail the violations.
If you route orders to the NYSE or AMEX, you're just facilitating continuation of this theft. Most stocks that daytraders are active in trade heavily on ARCA, INET, etc. Why deal with crooks?
There have been a number of threads on ET describing how the SEC will attack and repel the public, if it serves the interests of larger financial institutions. Does anyone know of a way to pressure the SEC when a trading issue arises? I believe the SEC relies on their funds from the House Banking Committee. Any other watchdogs, or ideas in this area?