Is everyone either brain dead or on the take at the SEC?
I used to think Chris Cox was a decent So Cal conservative Congressman but he has sucked at the SEC. People have begged him to reinstitute the uptick rule on shorting but he and Bush have been in a fog.
The hedge funds own Congress.
$50 billion! How could the SEC and FINRA (formerly called the NASD) miss $50 billion? This guy has been in business for decades? It makes no sense. But he is a Dem so he is probably crooked as hell. Incredible.
Well our new President may be an illegal alien so what the hell.
“I used to think Chris Cox was a decent So Cal conservative Congressman but he has sucked at the SEC. People have begged him to reinstitute the uptick rule on shorting but he and Bush have been in a fog.”
I actually don’t agree on the uptick rule UNLESS Price increments are increased to a nickel or whatever (I guess steenths are gone forever). Penny-increments give too many meaningless upticks that can make other prior upticks with larger size not able to be hit by short sales. It must just be chaotic at the system-programming level, many active stocks have price updates multiple times a second.
Of course, I didn’t agree either with decimalization and use of penny increments, as the only purpose I can see it served was destroy the nasdaq market making business and deliver it to ECN’s completely, which the major exchanges proceeded to buy (nyse -> arca, INET/INCA (containing former ISLD) and BRUT —> nasdaq)
When you look at it from the viewpoint of who benefited, it is quite interesting.