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Schumer Letter To Mary Shapiro

Tyler Durden's picture





 

"I write out of concern that the integrity of our capital markets is being compromised by the ability of some insiders to view order information before it is available to the entire market, and use electronic trading strategies to profit from that information at the expense of other investors."

Full letter here:

Schumer Letter

 


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Mon, 07/27/2009 - 13:32 | Link to Comment Anonymous
Mon, 07/27/2009 - 13:33 | Link to Comment Anonymous
Mon, 07/27/2009 - 13:35 | Link to Comment Anonymous
Mon, 07/27/2009 - 18:15 | Link to Comment Alexander Supertramp
Alexander Supertramp's picture

SEC = SERIOUSLY EFFECTUAL CRAP as it relates to your post.  Great work both Durden and Schumer, as well as any SEC employee with a conscience and a sharp stick.  We're due for a few people in "leadership" to step out of the shadows and do what's right.  Thanks for confirming it won't be you.

Mon, 07/27/2009 - 13:36 | Link to Comment Anonymous
Mon, 07/27/2009 - 13:43 | Link to Comment Eagle
Eagle's picture

"Nothing will happen as a result of this letter. "

No... Chuckie will get a nice fat campaign donation from GS and the matter will go off to never-never land, proving that letters do work.


Mon, 07/27/2009 - 14:44 | Link to Comment Gabriel Gray
Gabriel Gray's picture

Been soliciting any prostitutes lately Chucky?

Mon, 07/27/2009 - 13:41 | Link to Comment Anonymous
Mon, 07/27/2009 - 13:46 | Link to Comment chumbawamba
chumbawamba's picture

Charles Schumer = Biggest Douchebayg on Planet Earth.

Q: Where is the most dangerous place to be in New York?

A: Between Chuck Schumer and a camera.

I am Chumbawamba.

Mon, 07/27/2009 - 13:53 | Link to Comment EQ
EQ's picture

Schumer might be a douchebag but at least this is finally getting some exposure.  In the end, the publicity of more possible fraud and corruption is more important than if this is fixed.  It really doesn't matter because this is simply shooting the fly on the elephant's ass.  The markets are going to tank again regardless of whether this is resolved.  The bigger issue is banning financial complexity and getting back to an economy that actually works for the people of this country.  That hasn't been the case for a long, long time.

 

I am not Chumbawamba. 

Mon, 07/27/2009 - 15:06 | Link to Comment Anonymous
Mon, 07/27/2009 - 13:48 | Link to Comment Anonymous
Mon, 07/27/2009 - 13:51 | Link to Comment Shamwow
Shamwow's picture

NYSE's Leibowitz talking about HFT on CNBC right now re: flash trading

Mon, 07/27/2009 - 14:03 | Link to Comment Anonymous
Mon, 07/27/2009 - 14:07 | Link to Comment Danz Gambit
Danz Gambit's picture

Applauding Chuck Schumer, really?

You might want to take a closer look at this man's body of work as an elected official.

Mon, 07/27/2009 - 14:11 | Link to Comment JohnKing
JohnKing's picture

No mention of SLP, so Goldman effectively wipes the competion via regulatory capture again.

Mon, 07/27/2009 - 14:30 | Link to Comment Anonymous
Mon, 07/27/2009 - 15:01 | Link to Comment Anonymous
Mon, 07/27/2009 - 21:17 | Link to Comment Anonymous
Tue, 07/28/2009 - 10:54 | Link to Comment Anonymous
Mon, 07/27/2009 - 15:18 | Link to Comment Anonymous
Mon, 07/27/2009 - 15:21 | Link to Comment thetechnicaltake
thetechnicaltake's picture

The only way to take HFT and things like this off the table is to take the profits out; if there is no money to made, then people wouldn't do it.

You could tax this kind of money making enterprise very nicely.

Mon, 07/27/2009 - 16:01 | Link to Comment Anonymous
Mon, 07/27/2009 - 16:22 | Link to Comment thetechnicaltake
thetechnicaltake's picture

this isn't capitalism....it is cheating; it serves little if any purpose

 

 

Mon, 07/27/2009 - 15:55 | Link to Comment agrotera
agrotera's picture

He didn't use a word appropriate to the the situation when he wrote "curb" this practice.  That sounds weak, and it also implies that the practice just needs to be decreased...

unfortunate

Mon, 07/27/2009 - 16:04 | Link to Comment Anonymous
Mon, 07/27/2009 - 17:08 | Link to Comment Anonymous
Mon, 07/27/2009 - 21:47 | Link to Comment Anonymous
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