what makes you think not having an SEC would have made this better? Chaos would have been better? Floating arguments without proof is guessing, not wisdom. And it does not matter how many ET people say "YEA - I agree with you, bro..."
The SEC revolving door is like having former ghetto pushers join the narcotics squad to enforce drug prohibition, then going back onto the streets a few years later to bank serious coin using their new-found contacts. They got told about Madoff, had the whole scam explained for years on end, and did nothing. That's a bit like being given video tape of Al Capone ordering the St Valentine's Day Massacre, shown his fingerprints on the evidence, and not even trying to fit him up for tax evasion. Senior management at the SEC should be going to jail, not abusing their powers to restrain trade between free and consenting adults.
SEC enforcement in action: http://dealbook.blogs.nytimes.com/2009/07/06/pequots-wien-speaks-out-on-his-firms-closure/ So, during one of the most disastrous and scandal-ridden 12 month periods in the SEC's history, these unelected bureaucrats ignored clear evidence about Madoff, and instead put a perfectly legitimate firm out of business and cost the jobs of dozens of people who had served clients faithfully and very profitably for over 2 decades. No charge was even brought, let alone any chance for the target to defend himself - innuendo was the weapon of choice. Hopefully even the closet-commies on this board can see what's wrong with Kafka-esque trial by media innuendo.
S ecure E mployee C ompensation The SEC is an overly incestual govt./corp enterprise.... Whose time has come to be replaced with a workable solution.... A new "non-roladexed" effective organization along with a new worldwide direct access exchange to fit the modern times.... Is LONG OVERDUE.... Enough of the revolving employment door semi-fascist charade....
Who's guessing? Go to investigatethesec.com, and read the Elgindy transcripts. He calls out a short because the next day, the SEC is going to launch an investigation. How did that happen? That's guessing? That staff attorneys worked with enemies of the state? That they let Elgindy go? That they trade on inside information? That .........Oh, forget it. Because if you can't figure it out, you're not worth my time. And besides that, more is coming. When they open that bucket of worms, and start flushing out the thugs, maybe then you'll see. But they are heavy handed traitors who take bribes, destroy small fry, and have let the system fail.
............................................................... Good posts........ How much proof does one need.....? What is the number after $Trillions....? ie ....None of the heavy losses would have been incurred ....none....had AAA been rated CCC.... .....and not one Rating agency taken down.... .....and the big bank firms basically get token fines.....pittance years later after their take.... Make no mistake....Fascism...Ãmerican Style dwarfs any other fraud fluanted against the public in general....worldwide....destabilizing and literally stealing both directly and indirectly from the innocent.... If it is not time for them to be taken down.... Then just what is the purpose of this nonsense ....????? The list gets longer and longer.....and longer.... Look the driver does not get another bus after killing everybody on board ....just for crossover pay....
you need to look up "coincidence." Pointing to a chart and saying "news event" does not mean they had anything to do with each other. Any possible relationship could be real, delayed, weak, strong or nonexistent Look up people who thought Super Bowl winners had something to do with stock market performance. The market did not plunge because of this, it plunged because of implosions in the CDO/CDS, real estate, and many other things going off in the market and killing the IBs, etc. Remember "toxic assets"??? Financial institutions and many around the world were suddenly left with many $trillions of highly questionable financial instruments that no one wanted.