|Investors Fooled Again By The SEC|
Tuesday, August 4, 2009, by Stathis
The reported news of SEC actions to move towards a ban on flash trading pose nothing more than a smoke screen to fool investors into thinking the SEC is watching out for their best interests. As history shows, this could be no more further from reality.
Let me be clear about this. Despite all you may have heard about how flash trading has led to huge profits for the big wirehouse trading firms like Goldman Sachs, this is simply not true. Flash trading is trivial. And it certainly doesn't account for any meaningful proportion of profits from the likes of Goldman.
If the SEC was truly committed to preventing securities fraud, they would assign an investigator to every market maker on each stock exchange because I can tell you with absolute confidence that these guys are ripping off millions of investors on a daily basis.
It's clear that Shapiro is ONLY moving towards a ban on flash trading after several members of the Senate like Schumer and others looking for votes, have pressured the agency.
Like always, the SEC is reactive rather than proactive. As history demonstrates, the SEC is only reactive and only after issues of fraud have been raised by outside parties.
The fact is the SEC has been designed to work as Wall Street's friend, although most SEC staffers are not aware of this. I cannot begin to tell you what a complete joke this agency is. The problem lies not necessarily with SEC staffers. Many of them are simply ignorant.
The problem lies with the president, regardless who it is, whether it's Bush, Clinton or Obama, the results are always the same. We always get a political appointment of a professional politician or a lifelong regulator as SEC Chairman. This is intentional, as it assures the administration that the status quo will be preserved.
Shapiro is just the latest of Obama's many Zionist political appointments. As bad as former SEC Chairman Christopher Cox was, Shapiro promises to be worse.
Unlike Cox, who was a pure politician with little understanding of the criminal-infested securities industry, Shapiro has been a life-long regulator, having served key positions at NASD (now FINRA), the SEC and CFTC. Cox was clueless. Shapiro has worked in the industry for decades and knows the tricks being played.
But remember, this is a political appointment. That means you are ruled by only political motivations. You might want to research how many billions of dollarsthe financial industry has contrinbuted to political campaigns over the past several years. Then you will see how the game is played.
Shapiro's appointments to various regulatory positions spans three presidents. This confirms why she was appointed SEC Chairman. Obama's puppet masters don't want change. Once again, the American public has been fooled.
So who would I like to see as the SEC Chairman? Eliot Spitzer. Recall this is a man who took on Wall Street and won. However, his political career was terminated by an intentional campaign orchestrated by Washington and the media with the sole intent of creating so much outrage that he would be forced to resign.
With all of the politicans who have been involved in prostitution scandels, why would this be sufficient to end the career of the only man who served to protect investors?
My God, we had a president who received rimjobs in the Oval Office, and lied about it under oath. There have been dozens sex scandels in just the past few years by politicians, but most did not receive anywhere near the level and duration media attention as Spitzer. Keep in mind this happened when the banking system was imploding. Yet, Spitzer and his prostitute dominated the headlines for weeks. Ask yourself why.
Figure it out. The media is used to selectively incite public opinion and emotional outrage. The media is just as bad as the Washington and Wall Street criminals they serve.
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