I think yes. I wonder how much is priced in the market? If FBI agents walk in, and start handcuffing folks, does the market see it as the end of the biggest scam since Kennedy? Or does it panic - I mean, panic more? Remember, the IG, only the second in 70 years, the first "retired" the day after the aguirre hearings, is conducting an investigation on how the SEC "investigates" naked shorting. http://online.wsj.com/article/SB121418338517895735.html?mod=hps_europe_at_glance_markets
You won't stop it now. And with the market on its knees, oh you get a reprieve through June 30, how does the economy/market handle the next shock/collapse/disaster/hurricane/flood?
SEC wont end. politicians will just call for SEC 'reform' with their guys stepping in of course then it would be all fine
The mission of the U.S. Securities and Exchange Commission is to protect investors, (Hi, I'm from the gov't and am here to help you) maintain fair, orderly, and efficient markets, ( Goood Mornnninggg Plunge Protection Team } and facilitate capital formation ( must be a typo, should read transmogrification }.
.......and no one there thinks it 's odd that a preponderance of enforcement types leave the agency for law firms where the start is 300 plus. Like, Brown has no candidates. Or Harvard. You need to go to the SEC and find a good GS 13 who's been mired in bureaucracy for the past ten years. Makes perfect sense.
I once took a very heavy loss due to the SEC who supposedly "put an end" to the naked shorting problem, hence I tried the short squeeze. No need to elaborate more.
Ok...Here is the problem with the SEC and FINRA...In my honest opinion there should be a rule or agreement signed by all the regulators that you cannot work for a FINRA member firm for a period of five years after you leave....Look at the commissioners...they make about 225k per year...they put in a few years, resign and then POOF ! they are making 1.5 mill per year at GS, Merrill ect... Do you really think Chris Cox is doing his job for 250k base or is he waiting for his ship from Wall Street to come in? There's way too much conflict....how do you slap around the guys at Citi and GS and the rest when you know there is a good chance you will be negotiating 7 figure pay days with them down the road?? So instead, they attack small to mid size firms and the rest fo the largest firms keep paying 10-45k fines over and over and over again..Do you think the 5 largest frims on the street even notice a 1 million dollar fine? of course not...yet when was the last time you saw a punnishment ( like they do for small firms) whereby the firm was suspended? or the CEO was named?
......and then, they slam a friend of mine for 4mm when he shows them a 1099 for 32 g's. Don't worry. Those days are rapidly coming to a halt. I know you find it hard to believe, but it is.