Memo to Obama: Mary Schapiro is not 'change' at the SEC

Discussion in 'Politics' started by BlackAsCoal, Dec 19, 2008.

  1. BlackAsCoal
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    BlackAsCoal Gold Member

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    Isn't it finally time to put someone in charge of the SEC who really cares about investors?

    There are many well qualified candidates. Here are a few suggestions:

    William Galvin: The highly respected Secretary of the Commonwealth of Massachusetts. He has taken on the industry and recovered millions of dollars of damages for aggrieved investors.

    Joe Borg: Executive Director of the Alabama Securities Commission. Mr. Borg has a stellar record of protecting the interests of investors in Alabama.

    Andrew Cuomo: The Attorney General of New York. He knows the industry and has shown great tenacity in exposing the recent fraud involving Auction Rate Bonds and other misdeeds.

    Mary Schapiro, who is President-elect Obama's choice, has spent her career protecting the securities industry from investors.

    Ms. Schapiro is the head of the Financial Industry Regulatory Authority, an industry organization that engages in self-regulation. It hasn't done a very good job, as recent events demonstrate.

    FINRA administers the mandatory arbitration system, which forces investors to arbitrate all disputes with its members (virtually all brokerage firms in the U.S.). The arbitration rules are established 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.

    Secretary Galvin testified before Congress that FINRA panels represented "an industry sponsored damage-containment and control program masquerading as a juridical proceeding."

    With Mary Schapiro as SEC Chief, the fox will be guarding the hen house. In this case, instead of hens, it is investor rights that are at stake.

    This is not "change." It is Washington business as usual.

    more at link --
    Memo to Obama: Mary Schapiro is not 'change' at the SEC - BloggingStocks

    Just in case anyone is still wondering where all that money Obama raised came from .. close your eyes and Wall Street will come to you.
     
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  2. RodISHI
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    RodISHI Gold Member

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    Thank you. I agree. If they do not demand a change to protect investors no one is going to want to invest. Doesn't he know that is a major factor as to why America is in the mess it is in?

    Federal agencies have become so accustom to creative accounting and letting false reports slide it is a wonder the country's economy did not go to shit earlier. They have propped up this thing way to long with smoke and mirrors and he is going to add to the future burden by not putting a stop to it now.

    This is where I'd put my vote in the matter if I had one. "Andrew Cuomo: The Attorney General of New York. He knows the industry and has shown great tenacity in exposing the recent fraud involving Auction Rate Bonds and other misdeeds."
     
  3. CSM
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    CSM Senior Member

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    Yep...lots of change being brought about alright. Same old faces changing from one job to another....
     
  4. jillian
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    jillian Princess Supporting Member

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    Some old COMPETENT faces....

    and no wingnut neo-con agenda.

    works for me.

    I'm not sure why anyone thought that everything was going to suddenly change besides the IQ in the oval office and the fact that intelligent policies will hopefully be followed, as opposed to the pathetic display we saw for eight years.
     
  5. Lycurgus
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    Lycurgus Who is Obama, really...??

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    Good post and valid points.

    Further, people are expecting change because that is the platform he ran on. The deal according to him was to do away with old Washington and the stale thinking of Washington insiders. So it is more than fair to expect his appointments to reflect that platform.
     
  6. editec
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    editec Mr. Forgot-it-All

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    Somebody mentioned the potential fallout of the most recent $50 billion dollars scam.

    Foreign investors might begin eschewing investing in American markets becuase why?

    Because America is no longer regulating and monitoring their markets to protect investors from fraud.

    For those of you with a taste for irony, the above is a generous portion of that dish.
     
  7. BlackAsCoal
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    BlackAsCoal Gold Member

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    Absolutely Cuomo.

    Schapiro championed all the things you correctly pointed out that went wrong. There was no protection of investors and the failed self-regulation that Schapiro supported should not have been her ticket to become Head of the SEC.

    By now it should be clear to even the most loyal supporter why Wall Street is so in love with Obama.
     
  8. RodISHI
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    RodISHI Gold Member

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    Cuomo would be the fastest way to put at least a little bit of confidence back into the system. I know it will take more than putting in the same ole faces that had already sold themselves for nothing out there.

    If people do not start taking a stand there will be little left for their children and grandchildren and their grandchildren's children.
     
  9. BlackAsCoal
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    BlackAsCoal Gold Member

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    It's simple .. they thought so because CHANGE is what Obama was preaching everyday of the campaign.

    Now there is surprise because people thought he was serious?

    What you have is a wing-nut neo-lib agenda .. and most respectfully, you keep missing the clues my good sister .. take that back .. I think you keep ignoring the clues. You're much too intelligent to miss them.

    Larry Summers? .. C'mon, you can't tell me you missed that.
     
  10. editec
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    editec Mr. Forgot-it-All

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    Change, if it comes at all, will manifest as policies, not as appointments, BAC.

    I really do think we ought to wait till Obama does something untoward before we lynch him, don't you?
     

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