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Ron Paul Goes After The SEC's FOIA Exclusivity, Introduces SEC Transparency Act
Just because being the most corrupt organization in the world was not enough, the SEC decided, courtesy of Donk (aka Frankendodd), that it is beyond accountability to anyone, even the constitution, after it was recently made public that the world's most incompetent and bribed regulators will continue watching kiddie porn, instead of regulatoring, only do so in complete opacity from now on, as in the future the SEC would be exempt from FOIA responses. And with retail investors saying "no more" to trading stocks in a rigged casino that shares the same level of integrity as its regulator, and is programmed to generate profits for the house and the computers on 99.9% of trades (except of course for those newsletter and subscription peddlers who catch every single inflection point ever, and can predict what the market will do not only tomorrow but a week, a month and a year from now) the market will soon be a ghost town. Recent attempts by Senator Kaufman to bring some honesty to stocks have so far been met with failure as the Sisyphean task is far too great for any one individual. Which is why we are glad to learn that Ron Paul has joined those few who still hold the long-forgotten dream that the market should be fair and impartial for all (and yes, that means eliminating discount window access for the chosen few Bank Holding Company hedge funds out there) and has introduced the SEC Transparency Act of 2010 (HR 5970), a bill designed to force greater transparency in the Securities and Exchange Commission. Little by little, every single "intervention" by the world's two most corrupt politicians is being overturned: first the rating agency accountability provision which nearly destroyed the shadow market with a complete lockup of all new ABS issuance, and now the SEC's exclusion from that simple concept known as "checks and balances." Soon FinReg will finally be exposed for the fraud it has been since its inception - the much touted Obama financial regulatory reform is nothing but a scam designed to allow Wall Street to steel what middle class wealth remains faster, bolder and in ever greater amounts, as the point where the system breaks is now months away, and the Wall Street-DC joint venture is all too aware. As a result all must be done to allow theft to be bigger than ever, all the while the "regulator" is no longer held responsible for looking the other way.
From Ron Paul:
Congressman Ron Paul yesterday introduced the SEC Transparency Act of 2010 (HR 5970), a bill designed to force greater transparency in the Securities and Exchange Commission. The bill is designed to repeal the amendments made by section 929I of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the confidentiality of materials submitted to the Securities and Exchange Commission.
Recent news reports have publicized the little-noticed provision in the recently-passed financial reform package that the Securities and Exchange Commission has used to deny requests for information under the Freedom of Information Act. Paul’s bill would repeal the provision in the newly-passed legislation the SEC has used to deny FOIA requests.
“It is unfortunate, yet not unexpected, that legislation touted as fixing problems with the banking system actually makes them worse and provides more cover and power for organizations that failed us like the SEC and the Fed,” Paul said in introducing the bill. “I expect in the coming weeks and months that many more harmful provisions like this will come to light and it will take quite a bit of work to undo the damage from this massive and misguided legislation.”
What is unclear is whether the Ron Paul law prohibts SEC staffers to spend 40 hours per week to browse porn on the taxpayer's dime, while sending out their resumes to assorted HFT outfits, where they will participate in the same bid stuffing crime first hand, instead of just looking away from it when the latest bribery check clears.
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Where do I sign up to be a Ron Paul groupie? I'll throw my panties and everything.
Ron Paul is excellent.Gee, I wonder if the bill will pass?
Operation Mayhem very soon now....
I am reposting this from the thread about the HFT patterns showing likely criminality and picking up on Village Idiot's recent call to arms:
Let's pick a day and make this easy for everyone. How about Thursday, August 12?
EVERYONE goes to their ATM (early enough during the day) and pulls out the max you can. When the machine runs out of money, go into the bank and ask for $1000 (sort of a fine on them for not having enough money in the machine).
I pick Thurs, Aug 12 because it gives a little time to organize and get the word out. Then Thursday's and Friday's market action would be REAL INTERESTING, hmm?
I'm ready, let's do it. Thanks again VI for your call to action yesterday.
EDIT: I think I am going to repost this a few times in similar upcoming threads. Alternative ideas welcome (as VI has said). Oh, and buy some gold too.
who has a $1000 ? can we tap out our SNAP cards instead?
Believe it or not, proposing to drain the ATMs in the bank can be charged as a felony. It is a federal offense to plot a run on a bank.
Is there a knock on your door? Better go answer it.
I went to the bank the other day to withdraw $10k in cash and they wouldn't let me. They said they didn't want me having that much cash on hand, and suggested I take a bank check. I insisted and they then told me they didnt have that much cash on hand. They could give me half and a bank check. I ended up just taking the bank check - but it was an interesting experience. I mean wtf, it's only $10k... not a hundred, or a million.
I was left wondering if they really didn't have $10k in cash, or if they were playing their part in trying to keep things traceable and taxable by discouraging the circulating paper.
There are no $1000 bills printed anymore, nor are there any $500 bills.
The government wants not just to control the flow of money.
The government wants to control YOU. We are in Orwells world. There is no reason on earth to not allow people to own all their wealth in cash. The problem is that every government in the world is broke, and if they let you own cash, the government would have nothing. Roosevelt grabbed all the money from the American citizens. Hitler did the same in WWII as he kept searching for gold among the jews.
Face it. We are no longer free. We are serfs to the vast government in Washington.
Will I see you at the ATM on Thursday August 12 pulling out $500?
Break free, buy some gold and keep some FRNs on hand.
"Just because being the most corrupt organization in the world was not enough, the SEC decided, courtesy of Donk (aka Frankendodd), that it is beyond accountability to anyone, even the constitution, after it was recently made public that the world's most incompetent and bribed regulators will continue watching kiddie porn, instead of regulatoring, only do so in complete opacity from now on, as in the future the SEC would be exempt from FOIA responses."
I dont know if its the coffee or that sentance, but im feeling giddy
I'll throw the party and you can throw the panties.
Remember the days you could could go down to Doc Webb's, put in a quarter and see the chicken play the piano for a couple of kibbles? Seems inflation cought up with the gov't chickens.
I knew one of Doc's sisters when I was growing up. She was my "Aunt" though she was not related. Very nice woman. Liked dolls. How can a girl find fault with a woman like that? No Webb Cities anymore.
I don't think Ron rolls that way. Bruno already tried it.
What ever inspires him to keep going, I'd do it. Wear a burka, dress like a Mormon/Amish, throw panties, whatever it took.
Ha nice avatar. MsCreant seems to be a female I think RP wouldn't mind that so much.
Thanks. I've read on wikipedia that Sam Jackson is being cast as Shonuff in a remake. Not sure how I feel about that.
Well he's certainly got that crazy look to him but...too old IMO. A shame that actor died. Part of the charm of that movie was the no-name actors.
is it wrong for me to have a man-crush on this guy?
It's good and natural. Love is love.
Other than the "groupie" thing - the R's should put forth that IF they take back the House - that Ron Paul would head the committee with oversight of the Fed?
Things are not going to get better until some tyrants' blood is in the streets.
These politicians are laughing at you and your children's future.
Stop Obama!
Where is Robespierre when you need him?
Meantime Michelle Antoinette and Barry XVI are having a blast.
All were puppets in Weisshaupt's hands. And they were all shortened including Robespierre.
Ewige Blumenkraft !
Bring on the First of Thermidor!
And follow it with the 18th of Brumaire...
I don't understand how the SEC managed to escape accountability in the recent financial reform. Don't the lobby firms give the senators a half page synopsis of what they're voting for?
I am just going to keep this up until my anger dissipates. I am reposting this from the HFT / SEC thread and picking up on Village Idiot's recent call to arms:
Let's pick a day and make this easy for everyone. How about Thursday, August 12?
EVERYONE goes to their ATM (early enough during the day) and pulls out the max you can. When the machine runs out of money, go into the bank and ask for $1000 (sort of a fine on them for not having enough money in the machine).
I pick Thurs, Aug 12 because it gives a little time to organize and get the word out. Then Thursday's and Friday's market action would be REAL INTERESTING, hmm?
I'm ready, let's do it. Thanks again VI for your call to action yesterday.
EDIT: I think I am going to repost this a few times in similar upcoming threads. Alternative ideas welcome (as VI has said). Oh, and buy some gold too.
Oh, and send the SEC / HFTrs / banksters / politicians, etc. for a quick trial in Iceland, put 'em all in dump trucks, and throw them into Katla.
We could get a deal, save a bunch of money, save Iceland's economy, and the dissociated carbon would be noise in the belching volcanic emissions spewing over the face of Europe. Icelanders just doing a job that real Americans won't do.
All good.
- Ned
I've a nice CD coming due in that timeframe, I'll post what happens. Last I checked with that bank the best they could do was a 90 day cash account at 9/10%. I'll call in TWO days ahead of withdrawal day and will post what happens.
One of the few politicians whose actions match his words.
Dr. Paul is one of the very few actual humans in Congress - there are a few. His district gets its money's worth. Also encouraged to see Congressman Weiner go ballistic the other day on principle. Irrespective of party or position, it is time for these people to stand and be accountable in plain view of their constituents. We should demand no less from all representatives.
Unfortunately it was a corrupt principle that Weiner went ballistic over.
Weiner loves himself and himself only. He is a grandstander and is being created by the democratic party like a PR & Marketing firm to appease populist anger..the chameleons are always looking for a new skin. All you need to know are the following:
- He was an aide to Chuck Schumer
- He is married to Hillary Clinton's chief aid.
- He was the Democratic tool used to attack gold after the whole Beck/Goldline fiasco.
He is very ambitious and nothing more than an opportunist.+1000000000 he is married to Humma Weiner!
A grade A parasite!!..along with Schumer!
.
all we need to know... thanks!
Dr. Paul is one of the very few actual humans in Congress - there are a few.
The difference between a politician and a statesman is who he or she is serving, oneself or the nation.
Dr. Paul is lucky to still be alive. I can't believe he is still in there. They killed his "audit the fed" bill even though he had something like 200 co-sponsors. How is that even possible?
I only have a couple of heros and Ron Paul is one of them. If we can just throw out all the incumbents then this might end alright without blood in the streets. Otherwise, I don't see any other way for it to end.
<msacras>The synopsis doesn't count for much when the bill is over 1000 pages and one is given 3 or 4 hours to read the document before voting.</msacras>
DavidC
"the point where the system breaks is now months away, "
I admit I've been feeling that way for years, but the inevitable is not necessarily imminent. But, hey, if we've gotten to the point where regulators can hide behind legal fictions to escape punishment for their crimes, it's Game Over. Not a market anymore, a crime scene.
Anyone who believes the problems are all the Bush Administration's fault is just naive.
Dodd, Franks, Bernanke, Paulson, Geithner, et al, are all partners in the greatest theft of wealth in history. From FNM, FRE, to AIG, LEH, to TARP and ARRA, these guys, including Obama, are treasonous, traitorous criminals of the greatest magnitude. Undermining contracts (GM, Chrysler), seizing property (AIG), funding domestic and international re-capitalizations of the TBTF banks, creating uncertainty, and undermining the rule of law; these are the methods.
And what they are doing to the deficit, and the debt burden, is almost inconceivable. Sadly, it is all too predictable.
At least Rep. Paul is trying, but SEC Transparency Act has as much chance of passage (let alone real substantive change) as the FedReserve Transparency Act.
And yet, Americans, collectively, are dumber than ever. And with a greater sense of Government dependency / entitlement than any prior set of individuals. Sad, uninformed and uneducated.
Blaise
Exactly. Thanks Blaise.
Many conveniently forget that the last two years of the Bush administration, the Democrats held the House and Senate. The Bush administration ended for all intents in 2006.
It is also my view that Paulson was named to acquiesce to the Democrats as the election of 06 results were becoming apparent. Just like TARP while under Bush, was done when both the Democrats held the House and Senate and it was becoming apparent that Obama would crush McCain. It is simply my view that the Democrats sent Bush a note and said "do this or else".
Is it really necessary to write as though you were frothing at the mouth?
I haff a gun at H.Ibsen's head. I am forcing him to read this bwog. I am frothing at my mouwf.
BWAAAAHAHAHAHAHAHAHAHAHAHAHAHAH!
POP !!
http://www.youtube.com/watch?v=uk87r3mjLTc
Another approach is, we need to find out which of the worthless thieving sacks of shit introduced that particular clause and teach him a lesson come election time.
They had to pass the bill before we could see it. Scott Brown is catching holy hell here because of his support. He said he read the bill twice, then was shocked to see some features that went into the final mark, after it had been voted.
- Ned
(Full Disclosure: Bawney Fwank used to be my congresscritter until he was gerrymandered away. I still think it should be the Frank-Dodd or FRODD bill.) (gerrymandering-another Massachusetts concept now writ large).
Wow, Brown must be a high frequency reader. How many pages was the bill?
+1 I refer to it as the FRODD bill as well...
You are onto something with FRODD but to spell it out...
FRANK + DODD => FRODD => FRAUD
the details are left as an exercise for the interested student ;-)
- Ned
S ecure
E mployment
C ontracts
The government corporate "real paying" job stepping stone....
Paid to game the system....
Question is ....
When does the revolving door end ?
It will not end....until there is a time frame mandate between government corporate job changeovers....ie 5 years....
Peter Thiel is one of Ron Paul’s main advisors (read handler) and Mr. Thiel is a Bilderberger
http://www.nndb.com/people/030/000124655/PS: 911 Iside Job. Why doesn't Mr. Paul say so or at least demand a REAL investigation of 911?
lol, nine anonymous junks!
so Daddy RPaul is here to scare away the monsters under your beds, eh?
. . . and just when it seemed many were waking up to the fact that it is not your figurehead that "rules" but the people behind him. . .
ah well, more hope for change and resultant dis-illusionment incoming.
++ persistence points ATTILA, and dejunked for truth.
I used to think the takeover of this country by elites was conspiracy but the evidence is beginning to mount that this is indeed the case.
Conspiracy.
Conspiracies.
Tin foil hatters, nut cases, weirdos, Un-Americans, whatever.....
Seems these days one hell of a lot that used to be considered conspiracy theories slowly becomes accepted mainstream thought. But it goes through an interesting process.
It starts with some folk becoming "believers". Doing sufficient real research that an opinion at disparate odds with the party line of the Powers That Be have fed to the Sheeple and holds that the comfortable, secure majority opinion/dogma is wrong. Is manipulative, surreal, a deception.
The believer voices such, and is attacked, not for the idea, but as an individual, questioned as to his character and intelligence. For the contest of principled ideas must be denigrated as imaginary fallicies of a fool, not worthy, no merit in the position. Not to be listened to, but ridiculed.
The believer becomes ostracized.
As more happen to "convert", the idea gains greater, more widespread acceptance, until it has gradually seeped into the mainstream. And in doing so, something rather profound always occurs....a freedom is given up, a new responsibility enshrined, a new tax invoked. In each case, the middle class looses something that thereto fore would have been considered almost as a "they'd never do that to us", for there are "costs" attached to the rectification of the newly discovered wrong.
And even as one might say "I told you so" long ago, the believer has still been demoted to and remains in the position of the fool.
And so it happens. Again and again and again.
There is a Power Elite. Those who in spite of the magnitude of their crimes, shall never feel the steel of handcuffs nor the embarrassment of the perp walk. Inevitably, they reside at the pinnacle of their professions, rest in the uppermost level of wage earners and wealth, intermingle with others of the same ilk, and frequent the halls of the political and regulatory machine. They are the financial enablers of the political powers.
Conspiracy thoeries....
What happens when the Conspiracy is no longer a Theory?
Who was prepared?
Likely, the ones who understood the Conspiracies and Theories.
Those who have done their Research......
Not all Conspiracies, by definition, are Theories.
Conspiracy Facts.
indeed - great post - +++ for putting it "here". . .
If we only had blue ribbon panel with Nobel prize winners who would oversee the oversite committe overseeing the regulators who oversee nothing..then I'm sure we would have good accountability of the lack of oversite.
All this kinda makes me wonder when people with nothing more to lose are going to start going after the guys in the big corner offices at the top of shiny glass buildings. It is way too quite out there, given all the suffering that we know is happening. All the toy cop 'security guards' in the world aren't going to stop these people once they decide its payback time.
Agreed.
Most don't remember Joe Stack and his flight to IRS freedom... Can't personally advocate it, but he just seemed ahead of his time.
Shave what? How? When? hahahahaha
http://www.youtube.com/watch?v=t8sNeozweTM
This is what you can expect when the corporate fascists are in charge. The best we can hope for is to avoid being one of those put in to a cattle car and taken to a relocation facility or "re-education" facility.
Historically, that is the next step.
God Bless Ron Paul. I think he is also trying to get that $600 1099k deal removed from the health care bill too.
Remember.
Thursday is Soylent Green day.
Looks like we'll be finding out all too soon whether a bit of rancid marjorine improves the flavour.
stockpile tobasco. it makes everything taste better.
I really can't wait for a group of tools to claim the SEC needs their independence like the fed. Or ..... Compromise legislation: just house the SEC at the fed. Done and done
flash crash day when this comes up for a vote on the floor
How about getting the ball rolling soon? I repost my earlier (and much reposted since) reply to Village Idiot's recent call to arms:
Let's pick a day and make this easy for everyone. How about Thursday, August 12?
EVERYONE goes to their ATM (early enough during the day) and pulls out the max you can. When the machine runs out of money, go into the bank and ask for $1000 (sort of a fine on them for not having enough money in the machine).
I pick Thurs, Aug 12 because it gives a little time to organize and get the word out. Then Thursday's and Friday's market action would be REAL INTERESTING, hmm?
I'm ready, let's do it. Thanks again VI for your call to action yesterday.
EDIT: I think I am going to repost this a few times in similar upcoming threads. Alternative ideas welcome (as VI has said). Oh, and buy some gold too.
Oh, and send the SEC / HFTrs / banksters / politicians, etc. for a quick trial in Iceland, put 'em all in dump trucks, and throw them into Katla.
#497969
I like it too.
- Ned
I like it. People really need to hold onto cash anyway. It really helps in general.
Updated DOW charts:
http://stockmarket618.wordpress.com
Tyler,
There has to be a run-on in there. My god! Agreed tho' Keep Pushin'
We love Ron Paul. His spunk and honesty are a glimmer of hope in the stupid mess we are wallowing in. Here is a guy who delivers “Hope for change we can believe in”. Thanks, Ron Paul, and keep it up!
Good luck Ron Paul, this will go as well as his audit the FED act.
While he's at it how about a bill to limit the number of pages that future bills can be so we'll know exactly what's in them before they're passed.
Registrants can ask for confidentiality of all submitted documents thus making the documents exempt from FOIA and thereby protecting client confidentiality--the legislation protects the SEC from public scrutiny period and that can't be good.
Who watches the watchmen?
Don't worry, Dr. Manhattan will save the world!
Sorry Dr. Paul, you must know this will never work.
Don't you know politicians come and go, bureaucrats are royalty?
Where else to employ the bastard children of politicians?
This merry-go-round can continue until the crash.
Then, nobody is going to be happy, all Hell breaks loose.
Damn Ron Paul and his Red Pills. It was back in 2007 when he ran for president and kept bringing up the Fed and gold, which meant to me that the "little man" was goofy. So I did some reading to confirm my suspicions about his mental state, but the little SOB was right!
During one of the presidential debates, each candidate was permitted to ask another one of their questions, so Ron Paul asks Fred Thompson about the President's Working Group on Financial Markets. I thought WTF is he talking about, but after taking another Ron Paul Red Pill, the PPT landscape opens up which has now (d)evolved into the Fed-sponsored HFT Potemkin-village stock market.
Ron Paul said early on that Obama was "groomed" by the elites for the presidency. Again I thought this guy is crazy. Yeah, crazy like a fox.
Damn Ron Paul and his Red Pills...I want my life back.
it is time to no longer say what can you do but to be the doer. it is time to no longer watch a crime but to step in a stop a crime. it is time to take a step into courage and be remembered by the generations that follow for your bravery. it is time for all of us to act in one accord creating a more hopeful future. it is time. Now is the time for tomorrow we may no longer be able to act. In the passing of each day we the people are becoming more divided surrendering our ownership of this once and still great country to the few transgressor who have betrayed the people. This is our country created by blood and struggle. Our freedom is a gift from those who died in order to perserve it. How dare we not act. How dare we hide and cowardess. A passive non act is an act of surrender. I will not surrender and you will not surrender. We will prevail and our country will be free again. Make the call. Its a call for war. We will fight and fight we will.
government plant huh?
just one of the 874,000 top secret clearance NSA guys out for his nightly run of the politico blogs.
puullllllllllleeeeeeeeeeeeeeeez
PatsPal, you are an expert at summarizing our situation. There hasto be 100 million Americans who know what you say is true. We are just disorganized.
The system is trying to channel our rage into its streams; which leads to its river and into its murky lake in D.C.
Out of millions of unemployed, some should be fed up. We need a demonstration project. Volunteers from 50 states offer their services to one county or one state for November 2010. We will support honest write-in candidates. If we can defeat corruption[cut govt spending by 50% while increasing services], we can replicate to at least enough states in 2012 to stop the treason. Maybe add an amendment or three to the Constitution regarding honest money and no deficits.
It wont be Utopia or The Millenium. But white collar and political trials will be held and crime will be reduced; trillions will be recovered. [Until in 20 or 30 years its up to the next generation to step up all over again and follow our example]
FrankenDonK.
FrankenDonK.
STFU all you little people and get the fuck deeper into debt!
RON PAUL--------how about PHONY CONTROLLED OPPOSITION
lol, anonymous junks again. . .
"nuh UH, RP is da maaaan"
dejunked - Cynics Anonymous Unite!! hehe
I am not inany inner-circle worthy of mention. Just wanting to learn with understanding.
"Frankendodd", is typical cutesy wordsmithing that has unintended consequences....namely a slight upon Al Franken instead of a Frankenstein reference. Happens so often on the road to writer-maturity, recalling the era of one-upmanship.
Enlist an editor to monitor the arcane jargon, acronym challenges and inside-joker stuff that leads to not-understoods and misunderstanding and loss of utility on readers. A good editor contributes by keeping the show on the rails.
Teach and spread your know-how yet keep focused on delivering the message, if with entertainment.
There is no way to predict, nor cater to, every possible interpretation. Anyone around here should have the context to get it. When I think finance, I do NOT think Al Franken. Take ZH as it is. Or not. I think you meant well, but what you ask may be unreasonable given how few people and little money are a part of this (if it is as little as I really suspect, this site is beyond amazing).
I don't think an editor would have seen that the way you did.
If Al Franken gets smeared by this name going viral, all the better. That donk voted for FrankenDodd. He's a shill for the powers that be.
Why bitch against the rating agency provision of Finreg ? Sure, it has temporarily stunted ABS but that is part of the needed pain. The agencies were certainly one of the weakest links in the daisy chain. I think most of Finreg was B.S. like creating a new PR agency for consumer protection. Last thing we need. But stopping the rating agency BS was key. So, PSTFU unless you have a specific reason for this provision being a bad part of the bill. There needs to be a lot of pain. The traffic cop needs to get a fuckload smarter but I think this is one small piece of thre code that was smart.
‘‘(1) I
N GENERAL.—The enforcement and pen
21
alty provisions of this title shall apply to statements
22
made by a credit rating agency in the same manner
23
and to the same extent as such provisions apply to
24
statements made by a registered public accounting
25
firm or a securities analyst under the securities laws
Ron Paul is unelectable at this point. Every time I hear him talk, it is just a stream of consciousness in word form. No matter how clever, experenced, or articulate each thought is, it just comes out as a ramble.
He did not land enough blows on little Timmay, and he could have cut down and retired the little pipsqueak with ease. Same as every other time he has had the stage.
He has to be locked in a room and made to write down the points he is going to make, and revise, rewrite, rehearse, until it is comprehensble to the workin man. And at the end of each stanza, he should repeat his question in a simple sentence.
What a waste of one of the few good servants of the people.