The SEC has declared a new crackdown on securities fraud cases. Mary Schapiro, head of the SEC says that there are 525 investigations underway and 397 enforcement actions in the works, up 30% from last year.
The problem that Schapiro is facing is that the public is clamoring for justice to those responsible for our financial meltdown. This means actually getting inside our big banks and finding out who specifically pulled the trigger for all of the reckless trades that were made, causing losses so huge that the Federal Reserve had to bail them out and is still spending trillions of taxpayer dollars buying their toxic assets to get them off the hook.
The American public wants these perpetrators rooted out of the financial system, banned, fined, and prosecuted to the full extent of the law.
The American people have lost faith in our financial system. They see the blatant abuses committed in the name of free markets and want this to end once and for all, whatever it takes.
So, Ms. Schapiro, let's hope that you and the SEC have the fortitude to take on these rascals and clean up our financial system once and for all.
Closing Bell: Dubai sends jitters throughout the market (S, BBY)
Heinz looking good after the second quarter?
Why isn't Bank of America updating its shareholders on CEO situation?
Reader Comments (Page 1 of 1)
8-16-2009 @ 9:16PM
william lindblad said...
This is a little off the blog, but in the same vein.
Cleaning up:
The SEC had ample opportunity to intervene in the type of trading that was promoting only more speculation. They had time to look at Bernie Madoff. They had time for many things, mostly taking naps.
The OFHEO (office of Federal Housing Enterprise and Oversight) was entrusted with oversight of Freddie and Fannie. I don't think that I have to say much more as I have no idea on earth where they were at, only it could not have been in the U.S.
Congress: O my, let's not forget our elected representatives in that great august body. They do have committees you know that are supposed to keep an eye on things. Hmm? The House has a finance one and the Senate a Banking one. Gee, they even have regular hearings and call in the Fed chairman to tell them what shape the economy is in.
My goodness, now I can get to the Fed. They have had the power to stop predatory lending since the 1990's. They were right on the stick in this category. They stopped all of those crazy housing loans to people that did not have any possibility of paying them off. I also believe in the tooth fairy, Santa and witches on broomsticks. I think that I would easily qualify for a position on the Fed board as we all believe in the same thing. Their watchful eye on our financial system worked like a well greased machine - filled with dirt.
And you thought we have trouble!!
Time to move on.
Anyone remember the Oil Embargo? If you don't, it was back in the early 1970's. Long gas lines, limited purchase amounts and of course, higher prices. Totally amazing period. The part that everyone saw and participated in, (like it or not), was as described above. Oh, and I forgot to mention that there was a lot of job loss and layoff too!
Damn, hell to get old.
The part that few got to see was taking a ride on the Cape May Ferry to Lewes, Del. Because if you happened to make this trip in this time frame you would have numerous ships (oil tankers, unless they were filled with water), at anchor, sitting low in the water in Del. Bay.
It's call a "create a shortage kit".
Congress did call in the oil execs and impose an "excess profit tax", but that was later.
It beats the crap out of me why the coast guard was not called, the ships boarded, and their manifests and cargo inspected and destination revealed. This great hardship on the people of the U.S. was a creation of business interests and yet, no one was fined and no one was put in jail. Seems improbable, but it is happening again.
By current reports - 10% of the population now controls 50% of the wealth and it would appear that their self-serving interests and greed care little about those that are, and will suffer, as a result
How sweet it is. Now business interests have decided that we need a sugar shortage. I don't believe this one for one damn minute as it is just too timely. If anyone is interested, please read the details on the claim. Seems that what is need is tariff free import increase to solve the problem. Perhaps this is more like a little spat between cane sugar and sugar beet producers. You have to burn the cane sugar fields, usually with kerosene, and it does pollute. You guess, but I equate it right up there with the tankers that were low in the water.
When things are bad - there is always someone who wants to make it worse.
Hey, onions will be next. Maybe spuds?
8-16-2009 @ 11:45PM
dande98214 said...
remember hombre's there's a new sheriff in town