The End of the SEC?

Discussion in 'Wall St. News' started by flytiger, Jun 23, 2008.

  1. Good stuff! I agree 100%! Great post!:)
     
    #21     Jun 26, 2008
  2. You bet I blame them!! You think what they suggest to the public they are stopping naked shorting while leaving loopholes the retail folks didnt know about is not gross negligence? You think it did not lead to people making dumb trading decisions? Their duty is to protect the public, not to misguide them. If I could have sued them, I would have.
     
    #22     Jun 26, 2008
  3. Absolutely! I bet those dumb bastardos couldn't find thier asses with both hands, no less actually protect the public.
     
    #23     Jun 26, 2008
  4. The Elgindy transcripts have irrefutable proof he had advance information at the least, or he directed the SEC to companies he was already short, for investigations.
    <img src=http://elitetrader.com/vb/attachment.php?s=&postid=1973697/>
     
    #24     Jun 26, 2008
  5. Close,

    The exact motto when it was created is "To restore public confidence in the financial markets".

    Never did they imply that their goal was to protect the investor & the public. So really, you can't get upset at them.
     
    #25     Jun 26, 2008
  6. Flyingtiger, was that fine you mentioned $4,000,000 for the 36 grand in 1099 money? You put 4mm in there, and I didn't know if it was a typo. If that's 4mm, that's absolutely shocking!:eek: :mad:

    Is it because the 1099 income wasn't disclosed as outside business activity on the U-4?
     
    #26     Jun 27, 2008
  7. $4,000,000.00 Yes,
     
    #27     Jun 27, 2008
  8. TM_Direct wrote...

    Quote from TM_Direct:

    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?
    --------------------------------------------------------------------------------


    Excellent Commentary TM_Direct....

    The name of the game is the police policing the police.....all handsomely paid....all legal of course.....

    You have underlined the inherent conflicts.....

    But the bigger problem is legal largesse....

    The beginnings at the Buttonwood tree.....had the right idea....

    Capitalism could take hold a lot faster and more efficiently if non interest nonobligatory loans could be made to start innovation and industry....

    Now to participate in the publicly held stock arena, one has to payoff an ever growing debilitating cost to the F'n lawyers and SEC individuals.....

    There are so many of these types around that they are killing what the stock market is about....

    ..............................................................................................

    Listings can be handily boilerplated....they are not...
    Laws to eliminate conflicts between one working for the SEC versus companies are not present.....

    There should be a general rule of a 10 year waiting period between working for the police versus companies....or maybe even if one elects to go one way...that is it....or else this conflict will never go away...

    Legal largesse has strangled every company and business in the US.....

    Look.... it now has been proven stock exchanges are just computer banks that change the name label on shares of the security....
    For years before this technology, Wall Street has made a fortune off of selling stocks and changing the ownership labels....

    Changing labels should now cost nothing....
    Legal listings are boilerplate....and should cost next to nothing....
    Rules can be streamlined and simplified....
    People can choose to be a career policeman or corporate worker....
    ............................................................................................

    Look at how fast BATS took away from NYSE who thought they owned the world....

    What is going to ....and should happen is that corporations should list on those exchanges where the legal largesse bullshit is minimal.....

    Who cares if the computer banks are in Hong Kong or elsewhere....

    Also people and their brokerages should be able to elect their own leverage.....

    The SEC...Corporate musical chair wink wink game is drawing to a close....FO....

    Dubai and Hong Kong....and others could easily replace the NYSE, Nasdaq, and other exchanges....Why ? Because the internet and legal efficiencies, and trading technology make mobility happen....It is already happening.....
     
    #28     Jun 27, 2008
  9. I knew if I chewed enough dirt I could get real thinkers to come out.

    Thank you.

    do you, BTW, realize.... I know o f one small company who had to pay 300,000 to file their Annual . Sarbanes Oxley. A conspiracy nut might say there are roadblocks to success for start up companies, again, what the stock market is about - capital formation. We won't even talk about PSLRA
     
    #29     Jun 27, 2008
  10. Good comments.
     
    #30     Jun 27, 2008