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Schapiro Opens Mouth, Confirms Rumors Of Utter Cluelessness
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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Alas, SEC otherwise engaged with the "real market" manipulators....
08/05 03:04PM *DJ SEC Charges Options Traders In First Naked Short Selling Case
08/05 03:05PM *DJ SEC announces settlement of charges - total payment includes 330mln shares of DNDN stock
u have been on fire today!
Can you link that.........thanks.
Where'd you find this??
DeepCapture.com has been fighting for this for a while.
It hurts to listen to her.
Smug alert!
She could be known by the most vial word in the english language and it's not
M F.
is Pelosi in the dictionary yet?
Goldman Sachs Petition - Wake Up America and Put Down the Remote
http://www.goldmansachs666.com/2009/08/goldman-sachs-petition-wake-up-am...
'such as'..'such as'
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?
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.
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
Have shell organizations like SEC, FINRA and bring an air of legitimacy to the 'free market system'.
"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.
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.
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/
Bravo. If ZH gets its remaining objectives accomplished, I'd love to see the DTCC and BIS exposed to the masses.
I object, the reporter is leading the whitness!
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.
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"
"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...
TD - how do you feel about the likes of LiquidNet?
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?
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.
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
TD,
I wish you would indicate which posts have more commentary and which don't.
Clicking and clicking back is a pain.
if you register you will see the # of comments
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.
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)?
That's called sarcasm.
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)
http://www.youtube.com/watch?v=aKgwPgajsrE&feature=related
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.
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.
wow, and these people want to be in charge of your HEALTH CARE!!!!!!!
we're fucked.
More information? Is she retarded?
What about the ability to dictate price?
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.
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!!
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.
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.
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?????
The S&P is actually down 0.25% 20 minutes away from closing. Are the robots broken?
double post
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).
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.
Good read on her, Anon.
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!
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
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.
I will personally pay for Spitzer's prostitutes if he is willing to come back to hunt down and prosecute these pigs.
I would shag him in his dark socks and tie his belt around my neck for free...just come back and save us from these pigs...
I think its time to join the EU...PIGGS r US..
"Here we are, protected, free to make our profits without Kefauver, the goddamn Justice Department and the F.B.I. ninety miles away, in partnership with a friendly government. Ninety miles! It's nothing! Just one small step, looking for a man who wants to be President of the United States, and having the cash to make it possible. Michael, we're bigger than U.S. Steel."
Godfather II
Fariness to investors - sorry I mean inwestors.
There are no more inwestors (many fewer anyway) - only twaders.
You know..no shame manifests itself in many ways, two of which are:
1) Stealing, commiting fraud, lies in full view
2) Demonstrating cluelessness, incompetence, and derelection of duty in a public forum even if it is CNBS
Pete
The Brotherhood of Russians told her. Say homegirl, why don't you pretend to be concerned about this stock market fraud thing we are working on right now, that way, it will look like someone in the SEC, which we control by the way, actually gives a damn. So it was. She did as she was told and for her help she was rewarded handsomely with off balance sheet contributions, promise of a long future in the her do nothing government job and finally and most importantly, she was given her life to live, which you must admit, can be very important. :)
"What I am saying is, we have now what we have always needed, real partnership with the government."
Hyman Roth
Meyer Lansky would be proud.
Providing liquidity is only good if the gangsters don’t shoot you and eat you.
TD
To answer your own question, it took you and others who are outraged at 'inequities' to focus their attention on flash. It helped that Schumer's constituents were disadvantaged by these inequities. You handed the issue to him on a platter.
Do the same for the Indications of Interest and you'll help focus much needed attention on the 'inequities' benefitting Dark Pool operators.
The reality is that the SEC operates in a political environment and will respond to political pressure. There hasn't been enough organized political pressure from "the press" till the rise of the bloggers. Keep shaming the MSM. Power has shifted to the internets. Their recent actions confirm the power shift, regardless of their vociferous disdain for moronic bloggers.
It should be easy to demonize Dark Pools, with a name like that its almost too easy.
TD, again thank you for your many efforts. They are, and should continue, bearing fruit (Looks like a bumper crop, eh?).
That said, how do we expand this successful model to the political environment? This is the other side of the coin you're uncovering. Imagine a similar hourly expose on political corruption, backed and encouraged by hard evidence and inside collaboration.
You may already be heading this direction; if so, my gratitude holds no bounds. I lack the resources (hell, I don't even have a job for the first time in 30 yrs) to accomplish this myself, but for any that may, it is self-evident that support will follow.
Tyler, you've shown the world how to make it happen.
Thanks ZH - HFT, Flash - Bring on Glass Stiegal, Dark Pool.
Very Well done.
I will trade you the American Dream for some AAA rated MBS!
Regarding the Health care debate- I love this quote:
Jeror also declared: "Why would you guys try to stuff a health care bill down our throats in three to four weeks, when the President took six months to pick a dog for his kids?!"
It sounds realy good, doesn't it. I like it too. You go ahead and like cool sound bites, i will go and like truth. Which is that Health reform was on the table since campaign and O started it right after comming into office while Ted Kennedy was working on it for years.
So you go ahead and keep looking for cool sound bites, i will search for truth.
How's that view of your colon?
ooohhhhhhhh STR8 BURRRRRN YO ASSSSSSS
+1 anonymous!!! faggot.
The rotation in the market whereby the baton is passed from former market leaders Apple, IBM, Intel and Amazon over to AIG, Fannie and Freddie, ABK and CIT, is the equivalent of Big Game Hunter and marksman Teddy Roosevelt passing the rifle to Dick Cheney.
Under normal circumstances that is as much of a clarion call of a top as one could have. Just what is the new normal, though?
she sounds like a real CNBC clown. GE should hire her ASAP.
unless they did it already.
What's wrong here? Warehouse up and Price up? LME.
Anyone with knowledge? Thanks
http://www.kitcometals.com/charts/copper_historical_large.html#5years
Is This Statisitically Reasonable---GOLDMAN SACHS??!!!
Remember what was said about Madoff when people started looking at his operation?
There were only two possible explanations for the firm's apparently never-losing trading: They were either front-running or cheating in some other fashion, or the entire thing was a gigantic ponzi scheme.
We later learned that #2 was the case.
But is there an example of #1 somewhere? Hmmmm....
Aug. 5 (Bloomberg) -- Goldman Sachs Group Inc. made more than $100 million in trading revenue on a record 46 separate days during the second quarter, or 71 percent of the time, breaking the previous high of 34 days in the prior three months.
Trading losses occurred on two days during the months of April, May and June, down from eight in the first quarter, the New York-based bank said today in a filing with the U.S. Securities and Exchange Commission. The company made at least $50 million on 58 of the 65 trading days during the quarter, or 89 percent of the time.
Just two days of losses in the entire quarter?
There are a lot of very good traders in the world, but nobody has that sort of record on any sort of consistent basis unless they've managed to rig the game.
You can be "the smartest guys in the room" but nearly-perfect records at the poker table are almost always an indication that someone has managed to figure out a way to peek at the other side's hole cards.
Oh, and they're gambling (or cheating?) with your money too - not their own:
Banks such as Goldman Sachs are benefiting from lower borrowing costs after the Federal Deposit Insurance Corp. in October started guaranteeing bank debt issues that mature within three years. Goldman Sachs said in today’s filing it had $25.1 billion of debt guaranteed by the FDIC under the agency’s Temporary Liquidity Guarantee Program. The bank sold about $30 billion of the FDIC-backed securities between November and March, according to company filings.
Is this an example of "heads we win, tails you lose, and we're peeking at your hole cards"?
Inquiring minds want to know.
Thanks for the post. Some real truth in there from Karl Denninger.
http://market-ticker.org/archives/1296-Is-This-Statisitically-Reasonable...
CHEATING is the correct analysis here. Sort of like seeing the answers to the test before it is given. Cheating is driven by one thing and one thing only ......incentive. Give anyone the right (wrong) incentive...in this case, outsize profits, and they will devise a way to game the system, i.e. cheat.
One answer might be gleaned from looking at the Fed's balance sheet. Note how much buying of MBS, Treasuries, and Commercial paper they did. And do you think Bernanke drove a hard bargain? The FT article last week quoted the Fed as saying they have to telegraph their moves "so that there is transparency".
Transparency for whom? Primary dealers perhaps, but not the rest of us.
So you have a situation where Goldman knows the Fed's moves before the Fed makes them, and can borrow from the Fed at zero percent interest, go into the market and bid up everything the Fed has stated it was planning to buy, and then sell it to Bernanke at an inflated price.
The wonder may well be not that GS had so many winning days, but that they actually had any losing days at all.
Yes, this does not explain everything, but when you know you got a few bazillion coming in from the Fed's buying, you are probably willing to put a little extra risk on the table somewhere else, especially when you can borrow at zero and sleep well knowing that any major losses will be covered like before.
It's a great game for those invited to the table.
That's it I'm done.
That woman is not even going to attempt to do anything.
Wow.... I'm not able to sit after listening to how hard the taxpayer is getting shafted.
The SEC can drag its feet, but if Tyler and co keep up the heat, Congress can push them to do things. Congress can threaten to cut their budgets. Congress can start sending them subpoenas, and asking the GAO to audit them and to have relevant inspector generals investigate them. You get the idea.
The same congress that drew a stink over expensing options? The same congress that let Fannie and Freddie go unchecked, and jumped on their useless regulator for pointing out the lunacy of their leverage? The same congress that pressured fasb to loosen mark to market restrictions?
Congress will grandstand, but the money lies with the financial institutions.
Why the big crusade against flash orders? The press doesn't have a clue what a flash order is, and neither do the politicians.
The "flash" orders that every one is talking about (on BATS and NASDAQ at least) are OPT-IN order types where the trader has to explicitly specify they want to allow their order to be flashed. The order is always executed against displayed and hidden liquidity on the targeted exchange first (BEFORE flashing), so if you are trying to hit a visible bid/offer, there is no possibility of front-running. The flash happens (if you choose to allow it) before the exchange routes your order out to another exchange to comply with Reg NMS. The purpose of the flash is 1) to allow the exchange to keep more volume rather than routing out and 2) to allow the trader who OPTS IN to get a cheaper execution than he otherwise would. Furthermore, anyone who is sophisticated enough to send these orders is presumably receiving the quote feeds from these exchanges, which provides the flash orders to all participants, not just a select few.
As for the comments of screwing "the little guy" or the "retail investor", they get screwed way before their order ever hits the exchange. Try to execute a trade through a Fidelity or Schwab or E-Trade, and chances are your order is front-run (sorry, routed) through Knight or Citadel or some such firm. Furthermore, these investors aren't concerned about the costs they may incur in the sub-penny range.
All that being said, I'm not convinced there would be any good time to opt-in to flash orders; but if someone chooses to do so, perhaps they think it helps them.
As for dark pools and the DirectEdge IOIs, these really do offer the chance for a "select few" to front-run orders; although again it is the investor's (or broker's) choice to execute there. Nobody is holding a gun to the investor's head saying "buy 50000 IBM on Sigma-X".
(I'm not associated with any exchange or broker, and could care less what happens to these flash; I just think this is all a massive distraction from real problems in the market, and I hate it when the media/politicians/others talk about things they don't understand.)
No one around here seems to want to talk about how Flash orders are actually beneficial to the retail investor.
"Christopher Nagy, managing director for order routing, sales and strategy at TD Ameritrade, said his firm's experience with Direct Edge's flash orders has been positive. Ameritrade began using Direct Edge's ELP program when it started in 2006. "We saw that clients were getting great executions on limit orders, and a more consistent execution experience, so we continued utilizing the program," he said.
For investors, Nagy continued, flash orders avoid slippage concerns associated with displayed orders. "Reg NMS doesn't incentivize retail or institutional orders to display their hands for fear of slippage," he said. "If you can enter a transparent environment but essentially be hidden, you're more apt to transact in that world." He added that Ameritrade usually receives better prices than the NBBO on Direct Edge."
...and this was just published a few days ago
"Christopher Nagy, head of order routing, sales and strategy at the retail brokerage giant, noted that although "seeds of doubt have been cast in retail minds," TD Ameritrade sees clear benefits from using flash orders. "We view our obligation to protect clients by getting them the best possible prices in the market very, very seriously," he said. "We have seen and continue to see excellent results for our clients using flash orders.""
I think routine knowledge of how to use a Bloomberg terminal should be a requirement to be a financial regulator.
Not that there's anything special about a Bloomberg terminal, per se. But knowing your way around one shows that you are capable of observing them, that you have observed them in the past, and that you are more likely to continue observing them in the future. It shows, in short, that your knowledge of financial markets goes beyond that seen on CNBC and the Yahoo! finance home page.
I think that would solve a lot of problems.
She may be clueless...
But at least she talking to somebody who is talking to somebody who is reading ZH.
That's a start.
In 1993 she was against regulating derivitives.
Read for yourself:
http://www.sec.gov/news/speech/1993/101493schapiro.pdf
That interview was the biggest bunch of bull I've heard all day on cnbs. Ms. Schapiro is good for nothing except preventing short selling on banks which she will do tout de suite if necessary.
Pages 7 & 8 of that report make it quite clear she was against any type of regulation of derivitives. It's the same ol same ol we will study the data. She hasn't changed a bit.
Hopefully, when her tenure with the SEC is done, the administration can find a spot for this shining star somewhere in the new government run health insurance program, possibly as czar. We are lucky to have her with her finger on the pulse of market manipulation, but, I think everyone would agree that a person of her talent needs to be utilized to the fullest. I'll go to bed tonight hoping this hope......
Does Miss Mary understand the difference between liquidity and volume?? I say she doesn't and she's still a pawn of the street.
What happened to her???? You would think with her millions of loot she would get a facelift?? This way we could at the very least be able to watch her lie....
oh God. We're all fricken doomed.
shapiro in charge of SEC? I think she is related to Barney Madoff. She nominated Madoffs son to be deputy SEC. The fox guarding the henhouse. This the most corrupt nation since Marx Lenin Stahlin. More so, since Ram Emmanuel has now stolen 27 trillion plus. She is not clueless. Only a true sucker would believe this. She is a protege of Robert Rubin of Goldman/CITI. Ie she works for/with Blankfein/Greenberg/Geitner. This is such a massive conflict of interest. but do you think the Mort Zuckerman, Bloomberg, Sammy boy Zell, Murdoch, Eisner, Summner Redstone Lipshitz will expose this conflict of interest? Really? The American sucker. And they will send you to their deathcamps whilst you are singing. And they will send you to Iran to fight and die for them. Suckers, indeed.
Reply to Sqworl:
Lay off the face lift stuff and stick to the substance.
She's reading and it will upset her...In her youth at the SEC some 30 years ago...She used her looks to climb the government corporate ladder.."that has substance"...;-)
Just as her speech todo nothing about nothing upsets you!
A couple of guys from Newark, should take her out behind the Temple and slap her around a bit, the lying little yenta.
The jury is out? (Ms. Shapiro sez) The jury is out???
The jury hasn't even been empaneled on this one.
What we want: stock price to bear some relationship to the value of the underlying asset.
What we have: stock price reflecting liquidity as provided by the one zillionth of a second at 1/gadillionth tick.
So the liquidity provided by HFT, flash trading, dark pools -- isn't liquidity that provides a relation to the value of the underlying asset. It is liquidity to be a shill to bid up (or down, whatever) the price of the stock.
Get it together, exec. branch. Why is the SEC taking it's time? Get notice and comment out, 30 day period, forget commissioner vote, and let's move on with our lives.
"Why is the SEC taking it's time?"
They are taking their time, as they should, because there are two sides to every story and are aware that there are numerous benefits to HFT, Flash Trading, and dark pools. Unlike yourself, they will take time to collect facts instead of relying on hearsay and rumor mongering. It would be far worse if they caved to uninformed, misled jihadists like yourself.
Yeah like the time it took them (SEC) to figure out that GE was cooking the books when every and any respectable independent analyst/writer saw the chicanery going on for what 8 years..probably more...you know what...some people have woke up and can smell the coffee...you my righteous voice in cyberspace have not even started grinding the beans.
Dear #26563,
There are two sides to this story, you are correct, and one is corruptly front running plainly in violation of fiduciary duties unless that lame contractual waiver holds up in the Delaware Chancery court, which is similarly lame.
Now.
What are the numerous benefits to HFT, Flash Trading and dark pools and liquidity doesn't count unless you address my argument that liquidity only benefits traders, and does nothing to correlate stock price to the value of the underlying asset, and in fact, defeats any attempt to have any meaningful positive correlation between stock price/asset value?
Very truly yours,
The uninformed, misled jihadist
"The jury is out" basically means "I will not commit to anything... I am a bureaucrat after all!"
Very odd that an agency initially led by joe kennedy is corrupt and useless
Your constant pressure on this topic along with the popularity of this blog is acting as a substantial weight on this topic. Be it for regulators or other media that gain insight from here. I hope you continue your merciless pounding on any issues of corruption on Wall Street.
The SEC or any other regulator is not going to engage any of what is going on because the moment they do, all the markets collapse. This is going to run its course. A disaster for all of us.
Any investigation will cause an immediate collapse, because there is nothing there anymore.
It has been a disaster for me...Im one of her victims via Madoff...I hope she rots in hell..
She is a complete and total PAWN of Wall Street!
I am terrified of the state of our markets with this woman at the HELM. Seriously, terrified.
Charlie Gasparino of CNBC covered a lot about Mary Shapiro and talked to a lot of insiders that knew her M.O. If you were one of her cronies, you could get away with anything...she was hand picked to simply look the other way, and was in lockstep with some of the biggest known shiesters.
When she talks about "investors" it sounds like she's talking about a handful of semi-retarded yard workers.
What a smug bitch.
Hey Mary: Here's a tip.. Many of those "Investors" are the people who:
a) are better informed than you.
b) Have consistently seen things coming down the pipe 12 months before you.
c) can decide to walk away if you keep failing to do your job... and *will* (in all likelihood) send markets into the shitter.
How about referring to "Investors" as the people you should be afraid of and not a bunch of homeless children with down's syndrome?
Not sure whether to see her as a bloodless, ineffectual bureaucrat or a crony. She sent some worrying subliminal messages:
"whether they should continue to be permitted" ie. this novel abuse is ok until SEC finally gets up to date. There won't be retrospective punishment.
talking with "major market participants" as distinct from stopping and punishing gross offenders
public outrage = "people's imaginations"
Given the massive damage done to society by the novel abuses of the finance industry, this kind of regulatory leadership is extremely inadequate.
Why doesnt the SEC investigate why FNM and FRE were both up 30% yesterday on no news and today they are again this time with news. Who knew yesterday and acted on it. Clear insider trading. Blatant.
News is they might break them up.