SEC Financial Regulatory Powers Might Be Handed Over To Wall Street

SEC Financial Regulatory Powers Might Be Handed Over To Wall Street

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Congress may outsource the job of regulating thousands of investment advisors to an organization funded by the professionals it regulates, Bloomberg News reports.

Two and a half years after the worst financial crisis since the Depression, Washington lawmakers are focused on cutting funding from the government's oversight of the financial industry, even before last summer's Dodd-Frank law is fully implemented. House Republicans support a measure to flat-fund the Securities and Exchange Continue

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Commission, to deny it resources that Democrats and SEC officials say are crucial to the protection of investors and the policing of financial crimes.

Why am I not surprised. Congress the republocrat already sold our country to the banks & wall street. Besides, the SEC isn't even being all that tough on wall street and the banks. All I can think is to allow madness break loose and awaken Americans to the insanity of our corrupt government. Especially since congress receives insider tips on investment. Go Greece!

I hate to disappoint progressives but democrats are no different from republicans in allowing deregulation to happen because Frank-Dodd are sitting on glass steagall. The bank reform bill is a joke and only shows how democrats play alongside republicans to distract us.

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WallStreet has been regulating itself since 1913.

Who do you think controls the govt, writes the regulations, etc?

This is quite disgusting, but would really not change things much.

The SEC are corrupt as hell too... if they weren't, a lot of people on Wall Street would be in jail.

And the markets wouldn't be that manipulated.

reply to post by MIDNIGHTSUN


Well, There could be a good side to this.

Just find out how is on the board and what they're invested in. Then buy the same investments. Should be pretty safe and will be easy to watch so you don't get caught with your pants down like we did in 2008.

Or would that be illegal?

reply to post by Vitchilo


Yes, this is the thing.

Even if we allow for the distant possibility that the organization is not exceptionally corrupt, it utterly lacks the funding, manpower, and skillset to take on the problems it is tasked with. Think about it: Anyone with the ability to grasp the nuances of algos/HFT and advanced derivatives is going to go into business for himself or a major firm, not join the SEC.

US equities have now passed from being a joke to a sick joke.

I say fire everyone at the head of the SEC and put in Max Keiser, Ron Paul and a few others honest economists, you'll see how corruption ends fast on Wall Street.

The big wigs and their croonies would end up in jail.

reply to post by MIDNIGHTSUN


the great u.s. of a. was sold to the banks over the last 50 years . and they are about to police themselves ,sounds more like a control freak being given the keys to the nation .
considering that the u.s. debt is at an all time high of 14 trillion dollars with 25% of it`s people out of work.
they just borrowed another 50 billion saying afterword`s that they can`t pay this back not even the interest.
they are now looking at borrowing 300 billion more.

time line news flash,
the middle east oil nations are looking to deal in another more secure dollar than the u.s. 2 years ago

and of all of those responsible for this mess which one of them was ever brought to JUSTICE ,not one of them as they are not criminally responsible for their deeds or actions.they were doing what a banker does best screw everyone all at the same time with the governments of the worlds consent.
they write their own book of rules and laws to guide themselves and they change them whenever and wherever they so choose.these people are a shadow government that has used the banking system to enslave the world and it`s people . they are so far above the law that it is not funny ,think on this if one of us pulled what they have done they would have us all in jail or shot as traitors to the nation .the banking system is broken beyond repair ,but then to it is nothing more than an elaborate ponsi scheme.consider this that they take 1 dollar of hard cash to another level of their banking system and they get 10 times that amount to lent back to everyone else ,sounds more like the game of monopoly lots and lots of funny non existent cash and we all owe on very funny money that does not exist at all.
it`s funny money makes the world go around or so they say ,but money is also the root of all evil we were all told and we all partook of this -greed.
the apocalypse -would be the day the great u.s. dollar fails to pay it`s debt.2012 Christmas what a great holiday this will be everyone of us has spent our hard earned cash only to have the great us. declare bankruptcy and all of their banks are closed for the holidays and you cannot access your money -why - because our own governments have passed laws that say we the people are responsible for their debt`s incurred by them and they can not be held responsible for their words deeds or actions while in office.
if you want any cash on hand i would suggest you have a major run on them 1 to 2 weeks before Christmas because cash will be king and all of your plastic won`t be worth a dime.
and i mean that every penny you have out of their banks and put it under your mattress because every penny that you own becomes their`s that day [banks] even that in your safety deposit boxes.

The foxes have been in the hen house for a while now and the goose that lays the golden eggs dies a while ago. So lets turn the foxes onto each other... This is a recipe for disaster as the foxes kill each other until one too big to fail, totalitarian entity remains.