Schapiro Opens Mouth, Confirms Rumors Of Utter Cluelessness

Tyler Durden's picture

Just one question for Mary - why the hell did it take you and your even more conflicted and confused predecessor so long to get off your back and do something about Flash?

I am convinced, however, that you will be all over Dark Pools, right. And if not, we will hold your hands on that one as well. You can count on it.

 

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lizzy36's picture

Alas, SEC otherwise engaged with the "real market" manipulators....

 

 08/05 03:04PM *DJ SEC Charges Options Traders In First Naked Short Selling Case

Gilgamesh's picture

08/05 03:05PM *DJ SEC announces settlement of charges - total payment includes 330mln shares of DNDN stock

lizzy36's picture

u have been on fire today!

Optimystic's picture

Can you link that.........thanks.

PragmaticIdealist's picture

Where'd you find this??

DeepCapture.com has been fighting for this for a while.

JohnKing's picture

It hurts to listen to her.

Smug alert!

Anonymous's picture

She could be known by the most vial word in the english language and it's not
M F.

dark pools of soros's picture

is Pelosi in the dictionary yet?

Anonymous's picture

Goldman Sachs Petition - Wake Up America and Put Down the Remote
http://www.goldmansachs666.com/2009/08/goldman-sachs-petition-wake-up-am...

Anonymous's picture

'such as'..'such as'

Anonymous's picture

Why do they go so far and act so quick against short sellers, naked or legitimate but are soooooo sooooooooooo slooooooooooooooooooow with doing anything about GS and flashers?

Tesla's picture

Because, all the bs aside, they don't have the political will (rhetoric aside), resources, or brainpower to be able to do anything about GS.

They've been under fire about doing absolutely nothing until recently. Now they'll try to improve their image and seem "on the ball" by  going after small fry until there are vocal outbursts accusing them of persecuting the little guy at the expense of the entrenched interests. Then they'll hem and haw until the system collapses, and ask for more power and resources.

 

They're doing what they can (ie, nothing). All their scremaing and posturing is just for TV, nothing more.

Anonymous's picture

Look very carefully at it.......?!?!?!?

You have never "LOOKED VERY CAREFULLY" at anything during your entire career!! How is this woman working anywhere but McDONALDS??!!

MYYYYYYYYYYYYYY GAWWWWWWWWWWDDDDDDDDDDDDDDDDDDDDD

Anonymous's picture

Have shell organizations like SEC, FINRA and bring an air of legitimacy to the 'free market system'.

MinnesotaNice's picture

"Look very carefully" is SEC code for "as soon as I figure out what the hell flash trading and dark pools are... I'm watching CNBC as much as I can to get up to speed".  She is a little Palin-esque... I think Erin Burnett would be better as the head of the SEC than Mary Shapiro.

Anonymous's picture

These people are clueless. They have no knowledge of financial markets or how they work. That is why there is so much manipulation. The SEC is like joe sixpack in the ring with the big show.

calltoaccount's picture

Once again, Mary Schapiro is NOT Clueless. She is a willing and able co-conspirator who knows exactly where and by whom her croissant is buttered.



Harry Markopolos Financial Services subcommittee hearing tidbit: “The SEC is … captive to the industry it regulates and is afraid to bring big cases against prominent individuals,” Markopolos said. The agency “roars like a lion and bites like a flea” and “is busy protecting the big financial predators from investors.”

While the SEC is incompetent, the securities industry’s self-policing organization, the Financial Industry Regulatory Authority, is “very corrupt,” Markopolos charged."

 

**********  

SEC and DTCC Let Wall Street Insiders Reap Billions Selling Securities They Never Deliver

"Mandated by Congress to be the investing public's "first line of defense against securities fraud," the SEC leadership over the past 10 years has repeatedly betrayed its duty to the American people; not only by consistently ignoring tons of evidence of criminal activity brought to its attention, but by delegating its fiduciary duty to protect the investing public to the Depository Trust & Clearing Corporation, a secretive, non-transparent entity wholly owned and operated by Wall Street insiders, that acts only to protect and enhance the interests of it's Wall Street owners-- and which has willfully and deceptively enabled the defrauding of investors with a duplicitous 3 card monty style bait and switch non-settlement system that rapes the investing public, rewards the rapists, and is a root cause of the financial disaster confronting the world today."

 full comment at:  http://calltoaccount.wordpress.com/

Gilgamesh's picture

Bravo.  If ZH gets its remaining objectives accomplished, I'd love to see the DTCC and BIS exposed to the masses.

OrganicGeorge's picture

I object, the reporter is leading the whitness!

Anonymous's picture

No kidding - this is incredible.

Unfortunately CNBC's reply:

Objection over-ruled. This is a circus, not a court room. Now hush-up and watch the clowns.

Anonymous's picture

Blackrock's Kevin Rendino on Bloomberg

"a heck of a day for Obama's portfolio"

"borrowing short lending long for the financials, a license to steal"

D.O.D.'s picture

"we're going to look very carefully"

And when everyone has given up and gone long with goldman, and goldmans gone short eveyone else, then we'll pull the plug...

Anonymous's picture

TD - how do you feel about the likes of LiquidNet?

Anonymous's picture

Knowing this woman is at the Helm of the SEC makes me want to pull every dime out of the market asap!
Is she on drugs?

Anonymous's picture

I'm amazed anyone here is still in the market (not countint employer=matched 401k contributions you cannot touch).

One day soon we will all wake up to find the markets closed and then we can wait to find out just how long "indefintely" can be... hope you have a good store of raman noodles to eat while you wait to get your money back.

dark pools of soros's picture

you can hedge your employer matched 401k....  you don't need a reason these days to take a loan of up to 50% of your holdings.  So when u want to lock in your gains, take out the loan and buy gold, short your own company or whatever but this means you only have to leave in the company matched amount and pull back you money

 

in fact if you could mass cordinate this...  whats that noise??  BLAM... thud

Anonymous's picture

TD,

I wish you would indicate which posts have more commentary and which don't.

Clicking and clicking back is a pain.

Tyler Durden's picture

if you register you will see the # of comments

. . .'s picture

if you register you will see the # of comments

--------

Respectfully, I believe the poster wanted to know which posts have more commentary by Tyler D, not which have more comments we little people.

Anonymous's picture

Could you please elaborate on why you think she will be "all over dark pools", if she is so clueless? ( I agree that she is clueless, but given the wrist slaps on ge and bac, why do you expect her to act strongly on this front)?

Anonymous's picture

That's called sarcasm.

Anonymous's picture

Goldman just raised GDP forecast for second half from 1% to 3%
(actually they raised it 4 months ago but are just announcing it now)

Anonymous's picture

Developing a two tier system, gee wiz there smart but what? - imaginations of people . God almighty put a pillow over the department. I would like zh to code it also so we can have zh who i do trust to vanilla block trade, as a ticker ZHLLC. post it when you do so i mail you a check to a fund so we can co op a path forward in this cess pool of a market.

Anonymous's picture

An independent here. But didn't the republican Phil Gramm say that recession is 'Mental' and the democrats jumped all over him. Now we have some democrats saying the same words like 'imagining', employers are cutting more people out of 'fear' blah blah blah. Get rid of this two party duopoly that is controlled by the investment banks.

Anonymous's picture

wow, and these people want to be in charge of your HEALTH CARE!!!!!!!

we're fucked.

Anonymous's picture

More information? Is she retarded?

What about the ability to dictate price?

Anonymous's picture

Add up the total volume for C, BAC, AIG, CIT, FNM, and FRE and there is not a heck of a lot else going on in the market today.

jedwards's picture

Tyler, you have really captured the zeitgeist of the entire US right now.  I just saw an article on Slate referring to your posting of CNBC ratings.  ANYONE and EVERYONE is reading you at this moment in time.  Keep up the good work, keep up the good fight, and don't let those fuckers bring you down!!

bpj's picture

I agree, I heard about this blog while killing time at Fred's Mexican Cantina in Laguna Niguel, CA from a somewhat inebriated (boiled) day trader. Gave it a chance and find it compelling at times. Kudos to all.

Anonymous's picture

I believe Shapiro said that the day trading longs must clear their positions before 3:45 so that the end of day ramp can be done unencumbered.

Anonymous's picture

Note to Mary Shapiro!!

WHO in the HELLLL is in charge at the SEC?? We don't give a FATT Baby's A*** about Fines, we WANT JAIL TIME FOR EVERYONE IN CORPORATE AMERICA found to be violating the FRAUD laws of this nation!!

Any Fees are probably coming straight out of the worthless TARP fund anyway, and paid for by us!

WHERE IS THE JUSTICE?????

Anonymous's picture

The S&P is actually down 0.25% 20 minutes away from closing. Are the robots broken?

Dixie Normous's picture

In this market today was a HUGE sell off: 12 points on the S&P from the high to low.

Next stop is 1035 probably by tomorrow morning (if not 4PM).

Anonymous's picture

When somebody is on such high position, looking stupid is never a sign of being stupid, it is a sign of hiding something and not having enough practice of hiding and manipulating facts.
She even said that she was getting constant complaints from everybody about flashtrading, and for a long time and now that it became public issue she will take steps about it.
This shows you what is the practice and that they will do anything to find an excuse so they will not do anything about it. Even Brewer started but then menaged to avoid a blunt question about dark pools and exchange within exchange.
She seemed stupid because she was giving contradicting answers and she new it.

capitalisa's picture

Good read on her, Anon.

Anonymous's picture

Harry Markoplos did all the work for the SEC on the Madoff mess and they did NOTHING!! Who thinks it will be any different this time!

Anonymous's picture

markopolos could have done much more, like bring the issue to the attention of his congressman(steve lynch, referenced @ 0:16 in the clip below).

www.youtube.com/watch?v=uw_Tgu0txS0

SilverIsKing's picture

Better than that, bring it to the attention of the AG's office.  I trust the AG to do more than any politician in most cases.  Maybe Spitzer wasn't so bad after all.