I agree. This appointment has been the single greatest disappointment of Obama. It sends a clear message that investors and investor confidence are unimportant to the next administration.

The culture of cox and the sec to not enforce the law and to add accounting requirements (international accounting standards and mark to market rules) without understanding or caring about the unintended consequences will continue.

"Andrew Cuomo" . . . are you serious? Yes, I know that he has "shown great tenacity in exposing the recent fraud involving Auction Rate Bonds and other misdeeds . . . ".

However, in his tenure at HUD, Cuomo was one of the BIGGEST PROPONENTS "AGAINST REGULATION of Frannie and Freddie . . . " I would compare Cuomo to the equivalent of Mel Martinez (R-FL) as to their handling of Frannie and Freddie, etc.

yeah, they were all "just following the 'party line' in regard to policies; but they were ABSOLUTELY COMPLICIT in the development of this crisis. maybe Cuomo has "changed his perspective and ways; but he is"damaged goods" in my book.

Isn't thee ANYONE who isn't "dmaged goods", complicit in all of the past CORRUPTION, who can do a competent job???

Quote from article: "FINRA administers the mandatory arbitration system . . .by FINRA and supervised by the SEC. These tribunals have a well-documented (pdf) anti-investor bias. Investors who have been victimized by their brokers are often re-victimized by these panels."
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This is merely another MAJOR LACK OF INTEGRITY in the system that is causing people to not invest in the markets. if it wasn't before, it should certainly be EVIDENT to the American investors that the markets, and the oversight of the markets are set up to easily DUPE and to DEFRAUD the investors.

The "average small investor" has come to realize that the markets are like the casinos in Las Vegas . . . "the house" ALWAYS WINS 90% of the time. AND . . . it is a KNOWN FACT that the longer they keep you playing, the more you lose. Sure, just like in Vegas, 10% are "winners" but that is just "advertising costs" to keep bringing back the suckers.

The marrket has to be infused with enough INTEGRITY via diligent "oversight and reasonable regulation" to provide at least a legitimate playing field for the average "small investors " . . . those who ae investing for retirement, the kids college tuition, etc.

As it stands right NOW, the vast majority of the Americna people fully realize that they have been swindled by the pyramid and Ponzi schemes of the "derivatives" and the fall out from that. They are not going to be easily sucked back into a chaotic, and manipulated . . . and unregulated market.

And with the dire economic forecasts, people are going to hold onto what little they may have . . . especially in a deflationary period.

The BIG QUESTIONS are: 1) Who can provide INTEGRITY in the markets, and 2) how long will that take? We all know that nothing is going to occur "overnight"; and "time is of the essence" in all of these matters. We cannot waste time with "has beens" who were complicit in the INCOMPETENCE and/or the "CORRUPTION" of the past. (They had their chances and blew it . . . it's time for new leaders with INTEGRITY)

The American peope are becoming savvy are being taken advantage of . . . their recent experiences emphasize their reluctance to be suckered into these shams a second time around.

"INTEGRITY and reasonable regulations, coupled with aggresseve oversight, and having a "fair playing field" are the keys to the recovery of the economy and the markets. Without that, nothing is going to change very much . . . a cash dollar in the hand is worth a lot more than highly risky investments in a chaotic and corrupt market.

That is what it is going to take to implement an effective "RECOVERY". These are UNPECEDENTED TIMES and CONDITIONS.

(And the CEO of GE can "pack it in" for his announcement yesterday that they were going to discontinue the quarterly financial reports for investors . . . no disclosure, then no investment . . )

One last observation and opinion:

Just shuffling around these "old" politicians, bureaucrats, regulatory, and corporate management people to "new" positions is NOT going to resolve the problems or accomplish anything in the way of restoring INTEGRITY or "faith and confidence" of the people.

If these guys, and women< were involved, and therefore complicit, in the previous corporate FRAUDS, or totally incompetent or "less than didligent" "oversight and regulation" of "whatever", then there is NO PLACE for them onthe recovery teams.

We need capable, new managment / regulatory personnel who have not been tainted by their past performances that were complicit in any of the "sins of the past". UNPRECEDENTED TIMES call for new people with INTEGRITY and the will and competence to handle the recovery efforts in an expeditious manner.

"Name recognition" from the past is not that impressive when one see what happened during their tenures in whatever positions that they held. Otherwise, why not put Barney Frank in charge of Fannie and Freddie . . right?

And the SAME is TRUE and applicable for Congress . . . we don't need any of the "old" incompetent and/or corrupt Congressmen/women either. Frank, Pelosi, Reid, Dodd, Martinez . . . all of them need to be replaced ASAP CONGRESS was the unequivocal CULPRIT in all of this . . . they ENABLED all of the FRAUDS to be committed.

Actually, I'm not sure even the Easter Bunny would do a worse job that Chris Cox. I hope Schapiro can sorts things out, but my suspicion is that the rot in the SEC is so severe they should just shut the whole thing down.

http://subprimeshowtime.com/2008/12/18/time-to-disband-the-sec/

I've added your post (quote and link) to Obama selects Mary Scharpiro to head SEC

here http://www.jeremiahfilms.com/released/WhiteHouse/Cabinet/SEC/1218

Don't blame Obama. If he were permitted to choose his own people he would. The Gates
appointment at DOD should make it clear enough. The SEC is in the midst of managing a complicated collapse. The objective is not to protect investors or reverse the collapse. The objective is to manage it.

betterBadnews has the story