March 18, 2008
This entire SEC platform is a sham, an insult to law abiding, small investors and an utter waste of taxpayer funded resources. Clearly SRO's cannot self-regulate.
As the anti-NSS campaign has persisted by relentlessly shining more daylight on criminal securities trading activities via public forums, the SEC has been forced to acknowledge its own gross deficiencies. In my opinion such behavior is, itself, criminal in nature.
Cox now concedes manipulatory FTD's exist and the SEC generates more rules ostensibly to address illegalities. However the Chairman pays nothing more than lip service to taxpayer demands and new 'rules' (which remain open for public comments indeterminantly) only leave open old loopholes or create new ones to the thieving special interests that have the SEC in their pocket. Former complicit commissioners now simply retire in disgrace rather than blatantly accept payback in the form of million dollar contracts with the crooked hedgefunds they formerly enabled.
And today 'venerable' old banks get acquired on the cheap, by their clearing house 'competitors', instantaneously with full gov't sanction to cover up
the billion (trillion?) $$$ transactions involving 'ex-clearing' FTD's, in order to avoid the transparency that bankruptcy proceeding might entail.
No, I won't comment on the proposed rules. My comment is that the entire SEC should be disbanded and replaced with an honest regulatory body that simply enforces the regulations that were enacted in 1934. Broker/dealers cannot sell something they don't own. 3 days to cover or commissions are returned. 3 offences and jailtime is possible. And no 'get out of jail free' pardons.
While on the subject, how about directing the IRS to collect the never paid taxes on never closed short positions for companies naked shorted to death? Bye bye deficit
PS - Has grandfathering been grandfathered in? Did the SEC ever have that authority?