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.