I'm in the mood to start a thread (better yet, a poll) ripping apart the SEC, the great protector of the Common Man...in the hopes that somebody employed there might stumble upon this page and learn a bit about exactly what the average taxpayer/investor/trader thinks of them. It never ceases to amaze me what a bunch of limpd*cks those crackers are.
The SEC are a bunch of fcukwits who wanna ruin the game for us, and have already done a lot of damage, in the interests of the institutions who have em in their pockets... nuff said.
aiyaaahh, you're disturbing my zen like calm with this topic...... don't even mention shorting and downticks.... ah, bugger. How about a rule for non-pro's to be unable to buy stocks unless there's been a downtick? Can't be having any of those dreaded long squeezes, eh. tchah, coops
Guys, guys.... dont you like having someone looking after you??? NOT! BTW, can anyone explain whats a PDT rule Alex P.S. Jebo im pas mater smrdljivu!
The sec has a hiring freeze due to meetings with congress about possible pay raises. When these issues are resolved then they can begin hiring again, the sec feels they deserve more money simply because they use only a fraction of what they bring in, so with a small budget and huge windfall every year they could hire more people and pay better, there by getting better workers.
The problem with the SEC is that they have devoted enormous resources to having highly trained attorneys and accountants review the fine print in reams of filings while ignoring issues that concern most investors and traders. Nasdaq ran a crooked market for decades without a peep from the SEC. They did squat about insider trading abuses in the 80's. They even failed to detect the abuses of Enron, Global Crossing and others. They allow phony accounting for incentive stock options. They do nothing about CEO rip-off compensation packages that are nothing short of theft of sharehold money. The big investment banks and brokers have enough clout in congress to derail anything serious, but the SEC doesn't even try. Maybe now that the NY Attorney General is doing their job for them they can at least jump on the bandwagon.
The SEC needs more lawyers and accountants. For them to try and police the stock market with the manpower they have is like trying to blow up the moon by shooting at it with a .22 from your backyard. They talked about it in the congressional hearings. The SEC had something like 25 full time accountants and 12 lawyers, something like that. When I heard the numbers, whatever they were I couldn't believe it. I always thought it was a huge agency. I don't know a lot about it but I can't see any way they can police the market by themselves, it seems like they would have to seek "guidance" from market participants (market makers, brokers). That would make them pocketed and dependant. They would need power and independence if they were to do a satisfactory job. IMO