Posted on 12/18/2008 5:26:16 AM PST by L,TOWM
Agree with you there. Bush could have hired some guy from any brokerage firm who knew ops and some compliance who could have done better. The issues you mentioned:
1. Increasing leverage 40 to 1.
2. Naked shorting.
3. failing to reinstitute the uptick rule.
They helped devatstae the market, make Soros far richer and more dangerous, engineered O’s win plus harm republicans. One of Bush’s worst appointments.
Impossible that flags were raised about this crook in 1999. Bush wasn’t president yet, and this is all his fault.
NASD/FINRA’s regulation of the securities industry has been a joke. Mary Shapiro’s tenure would be even more of a travesty than Cox’s.
The financial lobby is too damn strong and lawyers routinely move back and forth through a lucrative revolving door between jobs at the SEC and in the industry industry.
Shapiro as SEC Chairman is like putting gasoline on fire. What is Obama thinking? The one thing you would hope from a Democrat in the White House would be an SEC Chairman who was more pro-investor. This is truly g—awful.
NASD/FINRA’s regulation of the securities industry has been a joke. Mary Shapiro’s tenure would be even more of a travesty than Cox’s.
The financial lobby is too damn strong and lawyers routinely move back and forth through a lucrative revolving door between jobs at the SEC and in the industry industry.
Shapiro as SEC Chairman is like putting gasoline on fire. What is Obama thinking? The one thing you would hope from a Democrat in the White House would be an SEC Chairman who was more pro-investor. This is truly g—awful.
industry industry = securities industry
She worked for bubba, that’s all we need to know.
It’s frightening isn’t it?
Announcement made:
http://news.yahoo.com/s/ap/20081218/ap_on_go_pr_wh/obama
Hopefully, Ms. Shapiro and the others will have a short tenure, presiding over a consolidation and overhaul of the regulatory system. On the bright side, the king sized crooks will still get a pass and the boutique brokers will get kicked harder — which means more demand for my services.
Talk to a lot of the smaller firms out there and they are not laughing. The molehills that are routinely turned into mountains and used to crush any of the 4,500 firms that have 50 or fewer reps are not that funny from the samll firm perspective. Of course, those outfits have usually not kicked in a few mil to Schumer or the other DC whores that can keep the heat off of them...
It’s like watching an already tilted airplane turn straight down and head right into the ground. Watch how the stock market responds to this...
News is spinning it trying to make it look like she was the one who caught Madoff and was draconian in going after Stratton Oakmont (they are going back a ways there).
BS spin. Stratton Oakmont and another slime boiler room, I forget the name, were allowed to stay in business for a long time. These crooks got away with murder and the NASD and SEC were really slow to shut them down. The slime all hired ex-SEC attorneys to defend them. Former SEC attorneys are one step up the food chain from ambulance chasers.
The NYC and Boston SEC offices got endless reports from Markopolous and they did nothing.
Bernie was on the Board of Governors on the NASD - Mary ran the NASD and SEC. What an incestous bunch.
Mary Shapiro and Bob Glauber - what a team. Bernie was on the NASD Board of Governors during their tenure.
What is sad is there are a lot of good people at the SEC and FINRA (NASD) but the (political) management is the a joke. The NYC and Boston SEC offices knew Madoff was a crook.
Bernie donated a lot of money to Democrats so my guess is he was untouchable.
As he’s looks now, in his grave.
Wow!! Tell us what you really think. ;-)
They make a big deal about Schapiro’s experience. How much did that matter when Obie made Hillary Rodham SecState? I mean, other than landing in Bosnia under sniper fire, her foreign polic background is....???
........the shakeup........
It was pathetic. He couldn't speak a complete sentence and his rhetoric was all campaign blather. This bozo hasn't a clue how to be president. We are in deep doo doo, folks.
Let’s just protect the crooks.
I was busy yesterday helping get my new company’s website set up. I did’nt really need to hear the presser to know it was going to be a waste of perfectly good oxygen.
The last “direct” communication I got from Ms. Shapiro was an e-mail telling the rest of my former co-workers that they could forget about promotions, bonuses, or raises during 2009. And that they were going to need to do more work with the same or fewer “resources”.
Nothing like regulating on the cheap when you’re a “not for profit” outfit with $1.5 Bil in the bank.
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