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Schumer On Flash Ban
“The SEC has done what we asked for. This ban, as proposed, is pretty much water-tight and should not be weakened by the Commission as the rule-making process goes forward. This proposal will once and for all get rid of flash trading, which, if left untouched, could seriously undermine the fairness and transparency of our markets.” - Senator Chuck Schumer
Senator Schumer: it is now time to collaborate with Senator Kaufman, and approach dark pools and other vestiges of a legacy system that detracts from "fairness and transparency" with the same zeal you exhibited in your pursuit of Flash trading.
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"could seriously undermine"
I love when politicians talk in future-tense. Is Schumer going to be there to catch the folks from the last thread who are holding their breath when they pass out from waiting for the SEC vote?
It might have something to do with them having to live with themselves. If they constantly keep thinking of the "past", their "mistakes" and "thing they could have done" their head would explode on the spot. A fresh case of amnesia every morning helps them serve their country better.
The good news is that I can hear some representatives speak of the dangers of excessive leverage and debt as we speak. The bad news is that they still think its 2007 and that 2008 was just a bad dream, so they're not going to do anything about anything since the stock market is going up so all that is necessary for them is some hefty rhetoric.
yeah, conditional future yet.......like it hasn't happened yet.......but could haha
My apologies but who really thinks the thieving bums will be deterred by some silly rule changes? Besides, this is just flash trading, a very small sub-set of the HFT universe.
I thought flash trading was the same as HFT. Being a noob I should be excused for not knowing but could you explain what more there is to HFT besides flash trading?
Senator Schumer: it is now time to collaborate with Senator Kaufman, and approach dark pools and other vestiges of a legacy system that detracts from "fairness and transparency" with the same zeal you exhibited in your pursuit of Flash trading.
Agreed. However, asking Schumer to pursue a ban on dark polls would be akin to asking Grassley, Isakson, Feinstein or Harkin to do away with agriculture subsidies.
It's comforting that the authorities will eventually make a token effort to stop out and out fraud, at least if some digital dickweed blogger makes a big stink about it first.
SEC and FED are bigger problems than flash. So is government overspending.
So is the blatant humungous collage of interest conflicts between GS and the government.
Flash is a red herring. It is nothing in the scheme of things.
Yeah, ultimately all of this boils down to a political crisis. Eventually people will realize it. The entire political system of the USA is broken and needs to be replaced. A nation that goes on and on about freedom has done a damn fine job of eliminating the 'free' from free market, free enterprise, free thought, etc. Everything corrupted by central banks, the Founding Fathers would be turning in their graves.
If Orwell and Huxley had downed a few shots and worked together they could have come out with a book that roughly described what we have today. As it is, they both missed the mark.
Maybe that's what brought the tear to Pelosi's face lift today.
"House Speaker Nancy Pelosi's eyes watered Thursday as she called for the rhetorical heat to be turned down across the country, and warned that such words can lead to violence -- a phenomenon she witnessed herself in San Francisco
"
http://www.huffingtonpost.com/2009/09/17/pelosi-warns-of-violence_n_2899...
I'ts from HuffPo - deal with it.
She is one scary person
"I think we all have to take responsibility for our actions and our words. We are a free country and this balance between freedom and safety is one that we have to carefully balance,"
Read more at: http://www.huffingtonpost.com/2009/09/17/pelosi-warns-of-violence_n_289999.html
So it is OK if the government uses violence against it's own citizens to force them to comply - for some reason I don't think that kind of violence brings tears to that b****'s eyes - but not if citizens rise in protest against the excesses of the very people who are supposed to serve them. The heat will be turned down only when the CRIMINALS sitting in this nation's congress and on Wall Street are JAILED for life.
Remember,
She'll be crying all the way back to her vineyard in Napa Valley where the hot sun will make those tears a distant memory. A few high tone dinner and voila, all better.
her entire statement is a distraction. the violence she was refering to was the assassination of harvey milk. an all around likable guy, unless youre a homophobe, who was assassinated by another yahoo politican in the 1970s.
the last time i checked pelosi, the only physical violence being done by civilians with political motives was a bum bitting the finger off a man who was opposed to heath care (that bum would be supportive of you) and some anti-abortionists being shot (that yahoo also a supporter of you, probability speaking).
so if anything, you need to calm your people down you dirty propagandist slut.
Patrick Henry:
"You are not to inquire how your trade may be increased, nor how you are to become a great and powerful people, but how your liberties can be secured; for liberty ought to be the direct end of your Government."
"Shall we imitate the example of those nations who have gone from a simple to a splendid Government. Are those nations more worthy of our imitation? What can make an adequate satisfaction to them for the loss they suffered in attaining such a Government for the loss of their liberty? If we admit this Consolidated Government it will be because we like a great splendid one. Some way or other we must be a great and mighty empire; we must have an army, and a navy, and a number of things: When the American spirit was in its youth, the language of America was different: Liberty, Sir, was then the primary object"
"There will be no checks, no real balances, in this Government: What can avail your specious imaginary balances, your rope-dancing, chain-rattling, ridiculous ideal checks and contrivances?"
"Guard with jealous attention the public liberty. Suspect every one who approaches that jewel. Unfortunately, nothing will preserve it but downright force. Whenever you give up that force, you are inevitably ruined."
"The honorable gentleman who presides told us that, to prevent abuses in our government, we will assemble in Convention, recall our delegated powers, and punish our servants for abusing the trust reposed in them. O sir, we should have fine times, indeed, if, to punish tyrants, it were only sufficient to assemble the people! Your arms, wherewith you could defend yourselves, are gone; and you have no longer an aristocratical, no longer a democratical spirit. Did you ever read of any revolution in a nation, brought about by the punishment of those in power, inflicted by those who had no power at all?"
"Will the oppressor let go the oppressed? Was there ever an instance? Can the annals of mankind exhibit one single example where rulers overcharged with power willingly let go the oppressed, though solicited and requested most earnestly?"
Bingo, my friend.
What is very disturbing is that firms such as BlackRock
.....ie today CEO Fink on Bloomberg was discussing his
importance of not utilizing public means to
discover prices on an exchange as such....particularly
fixed income securities....
Fink did not seem to have a clue ....as his firm
manages over $2 Trillion...that he is really asking
the SEC if it is ok to "privatize" price discovery
of public securities....
This is an incredible violation of what a public
exchange and its securities is all about....
All in the open....first come....first served....
low cost direct access exchange ....which all but
eliminates additional middlemen pricing....
BlackRock has a problem...its size....it has to buy
so much of a security that it is almost impossible to
buy or sell it without dramatically affecting its
price...
Well...hello...who said BlackRock should be able to discover prices in its own house....?
This privatizing public products...
Whereas Fink's real problem is making the fixed income
side transparent....
All that needs to happen is for the exchanges to
be de-fragmented....and have the BATS business model
implemented as the proper public exchange....
All securities would have to go through price discovery
via BATS....which in turn would be very low cost....
Perhaps 20 cents per 100 units....
An exchange is just software that changes the name
of ownership electronically by time stamp....
One of the few high markup products left for
brokerages is esoteric fixed income....the
problem being that prices are not properly
discovered on a BATS type exchange....
The solution is simple....
A first come....first served direct access electronic
exchange whereby all buyers and sellers of
public securities discover public prices....
No internal matching...no dark pools....
One venue for all public securities...
The BATS model....
Which would de-fragment all exchanges....and
offer a true venue for public products....
Firms such as BlackRock should have to go through
price discovery as anyone else....
For brokerage firms the game has forever changed
via direct access electronic exchanges....
Brokerages need to focus on management....and IB's need
to focus on making private companies public....
The highest performances will be given by small not large pools....because the price that they currently see
will be the one they get....
Another issue for the large pools is paying on
performance prior to full liquidation....
Stocks could go up or down big.....whereby the
performance fees paid could be far off the mark....
(A New Financial Era - the demise of Glass Steagall - October 23, 1999)
http://www.nytimes.com/1999/10/23/business/new-financial-era-overview-ac...
''When this potentially historic agreement is finalized,'' Mr. Clinton said in a statement, ''it will strengthen the economy and help consumers, communities and businesses across America.''
Treasury Secretary Lawrence H. Summers said in an interview, ''At the end of the 20th century, we will at last be replacing an archaic set of restrictions with a legislative foundation for a 21st-century financial system.'' The measure, he added, ''would provide significant benefits to the national economy.''
Senator Gramm said the measure ''is the most important banking legislation in 60 years.''
NYT Published: Saturday, October 23, 1999
FOOLS.
OFFTOPIC, but I have to tell someone:
While discussing Max Baucus's released health care plan--the one with penalties and possible jail time for not buying insurance--I just had my coworker tell me that if I don't buy health insurance, I deserve to rot in jail. He said, after all you already pay car and house insurance. I replied that I still have the choice to either not drive a car or not insure a home, but if I leave my current company to go on my own that I'd be forced to pay health insurance or be fined/jailed and that is wrong. He said then I shouldn't be allowed to run my own business. I replied that if I don't pay the fines and went to jail, he'd be paying a lot more in taxes to support me than if I had simply not paid for it in the first place. He shook that off and said that if government says you dance, you dance.
Congratulations asshat, you're a nazi.
OFFTOPIC, but I have to tell someone:
While discussing Max Baucus's released health care plan--the one with penalties and possible jail time for not buying insurance--I just had my coworker tell me that if I don't buy health insurance, I deserve to rot in jail. He said, after all you already pay car and house insurance. I replied that I still have the choice to either not drive a car or not insure a home, but if I leave my current company to go on my own that I'd be forced to pay health insurance or be fined/jailed and that is wrong. He said then I shouldn't be allowed to run my own business. I replied that if I don't pay the fines and went to jail, he'd be paying a lot more in taxes to support me than if I had simply not paid for it in the first place. He shook that off and said that if government says you dance, you dance.
Congratulations asshat, you're a nazi.
Top Contributors Charles E Schumer
Goldman Sachs $476,240
Citigroup Inc $413,616
Morgan Stanley $303,946
JPMorgan $295,200
Bear Stearns $231,350
Merrill Lynch $226,150
UBS AG $224,250
Credit Suisse $201,444
Lehman Brothers $181,450
(interesting what happens to donors that are at the bottom of the list)
http://www.opensecrets.org/politicians/contrib.php?cycle=Career&cid=N000...
More clear evidence that this public servant truly is beholdent to the American people and not the global money changers.
And it is also time to get rid of that barbarous relic known as the federal reserve.
They will crash these markets again before they let anything at all meaningful to happen
I say they won't let anything happen - period - as long as they are in power and/or alive.
Chuck Schumer: big douchebag, or the Biggest Douchebag?
I am Chumbawamba.
It's one baby step in the right direction for a change.
I'll take this mini-victory for the individual after so many victories for the machine.
I figured with all of the money being made off it that people would just be paid off. They must have invested a decent amount to get that going, not that they haven't had a return many times over already.
I'm now waiting to see how long they will drag it out before actually acting on it, though.
Wow. At least Chuck Shumer said one good thing in his corrupt life. This is proof that a few good men (Tyler Durden, et al) can sway public opinion enough to have a politician do the right thing. For all those who think that we can't change the world around us, well, what do you have to say about this news?