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SEC Responds To Senator Kaufman, Pretends To Care About Long-Term Investors
The SEC is presumably starting to "review" what it should have been on top of many years ago. Of course, Mary may have other more pressing issues now that she will actually have to pretend she cares about investor protection and come up with an actual lawsuit against Ken Lewis et al., or effectively throw her job away. After all, with pathological lies such as "we must maintain and promote the fairness and efficiency of the US securities markets for all investors" and "the Commission's focus must be on the protection of long-term investors [TD:what long-term investors???]" when in reality the only protection the SEC cares about is that of the executives of entrenched TBTF institutions, Ms. Schapiro has to be running out of canned soundbites that objective readers won't react in violent disgust to.
In the meantime, the market resoundly mocks Mary's statement of "record volume" with the SPY running at a 25% discount to average trading volume, HAL9000 blows a vacuum tube and sends the quants cheering with anotherCo gunning of the market higher, on complete disregard for continuing market-economy dislocation. Concurrently, the ETF trading desks for BCAP, MSCO, BTIG and NITE are all raking in the moolah after having successfully executed the barrage of micro block trades that shot the market up at 2:30pm on the dot, like clockwork. Wait for the 3:30 pm spike next.
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Personally, I think Ms Shapiro is involved in criminal activity. Why else would she write such a softball bullshit letter if she was not protecting big fish?
THANK YOU!!! I wanted to know what was behind that spike at 2:30, normally I see it around 2:35ish....btw normally 3:30 is a pull back time...if it spikes at that point, oh man, it normally runs like crazy into the close. Thank you again for this great post.
God those inverse red tides just keep getting funnier and funnier.
Can someone please explain those red tides? What is the definition of Accumulated Volume Difference? How does it relate to Accumulation/Distribution and On Balance Volume?
There's volume difffernces when you have either more buyers than sellers or more sellers than buyers. If you have a large imbalance of either you create a wider spread. HFT and flash trading does alot of monkeying around with buyers and sellers to manipulate the spread and who pays what for what. When it's really really manipulating things strongly it ends up with these massive hangover transactions which I have dubbed the Red Tide. Because they first take all the transactions and spread the swap out as wide as possible and then compress it down to as narrow as possible.
She is a FINRA gal an industry insider, you can't change the stripes on that zebra but that is why she heads the SEC, Obama wanted that particular zebra.
Dow future were down 80+ point when i went to sleep last night, and the fairy tale continues...
Meanwhile, the world has officially gone insane. Huffingtonpost is running the 'Debtors Revolt' video shown on Denninger and ZH, and on MSNBC, Robert Reich and Pat Buchanan agree for one of the few times ever that some of the big banks should have been allowed to fail.
Banksters may want to ensure their passports are current, and have received all required inoculations for travel to Costa Rica, Paraguay, Tahiti and other future places of residence.
I'd like to think that you're right, but I don't see any serious revolt happening anytime in the near future.
You saw there were 1-2 million people protesting in DC this weekend, right?
That's photoshopped. There was nothing about this on network news. :)
I was just joking!!
I know I just wanted to post the video :)
Keep contacting your Congresspersons and Senators. I know several that are scared #@#less they won't be re-elected, and their main fear stems from the incredible number of calls and emails being received that, in essence, say 'Fix the banks, or you'll be out of a job'.
I blows me away that she still thinks her core objective is to protect investors instead of protecting the people of the United States from the investors.
Did Mary Shapiro really write that bullshit letter to a U.S. Senator ??? It's like a form response letter that a constituent would get. She really dissed the Senator.
Dear Mary,
Thank you for your vague stupid reply.
Fool Me Twice - your avatar says it all. It does not matter who is in the White House. The real power structure is held by Wall St. which wants to hurt the country one more time. And the country - is in denial yet again as malls are teeming like its 1999 !! (atleast in chicago)
President Obama should be absolutely ashamed of Mary Schapiro and she should be ousted from the SEC immediately. She is not only a disgrace, she is a laughingstock.
You want to clean up cheat st? Grow a set of balls Mr. President and put Eliot Spitzer in there...then we'll see some action.
Spitzer=Action, non? At least across state lines..
The player here is Dodd and Barney--not Ted Kaufman--although he has dropped a few chestnuts in the fire for sure-
Narrow spreads. That's it, that's the measure of whether things are working for investors! All in a stock market world of meaningless penny noise. Competition -- like the gangs in Clockwork Orange! We need more of it, don't we? Just hope that your own account doesn't receive a night visit for a little of the old in-out. Fragmented and secret markets, the opposite of what Congress advanced as the reasons for its massive 1975 Acts Amendments overhaul of the Exchange Act. The opposite of said should be done long, long ago in its 1973 White Paper on a Central Market System. She somehow forget to mention that other excuse for all this: increased provision of liquidity, a wonderful byproduct of having turned what back then were about six markets into at least fifty. Timely action by her agency, too. Study the thing until the lights go out without actually doing anything. Treat it as if it were all new (which obviously it is to her), which it isn't: just different, high tech ways of enabling and cementing victory for the same old anti-public, big money dealer greed.
Sometimes people really are as dumb as they look and sound.