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SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions

Location: Blogs Bud Burrell - Front and Center    
Posted by:   bburrell 11/29/2006 1:51 PM

We had another momentous announcement yesterday, with SEC Commissioner Cox announcing that a long term negotiation of with the NYSE had resulted in the agreement to merge the NYSE SRO function into that of the NASD, creating a single national SRO for all markets, under the direct supervision of the SEC itself.

It is not rocket science for anyone to question the kosher character and convenient timing of this announcement, made in the face of a full blown Governmental Accountability Office investigation into the way the SEC does its job, or NOT>

The post announcement silence is deafening.  The NYSE's rational positions on legal foundations for shorting were an embarrassment to the NASD and related corruption of naked short selling and counterfeiting on a wholesale basis in its markets' stocks. 

The conflicts of interest here are not only wholesale, but are in the face of the individual investor, who Cox repeatedly emphasized this merger was designed to benefit and protect.  There was a glaring omission of any mention of the word INTEGRITY in this announcement.  No integrity, no problem.

Forgive my cynicism, but now there is no alternative SRO solution for those objecting to abuses by a single, omnipotent SRO with no possible competitor or check, which claims per the '34 Act to have Absolute immunity (the '34 Act actually limits their immunity to conduct in which they have no pecuniary interests). 

I say if they want this sole responsibility, then they must assume the full brunt of the blame for wholesale corruption.  The relative shortness of the NYSE SHO list was an embarrassment to the SEC (who integrity is definitely no longer in question, being non-existant), and to the NASD, whose markets have been the direct victims of a wholesale slaughter to the benefit of NASD member firms and their biggest clients.  I would be happy to be called to sit on the Jury judging these clowns.  Actually, they think the American public, and small investors in particular, are clowns, and it's their circus.

Read this and weep.  I can't wait for the inevitable call I will get through others to be a witness and source on the conduct of the SEC, and its ineptitude, for the GAO's investigators and for anyone else with the cojones to listen.

Bring it on.

 

 
Copyright ©2006 Bud Burrell
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Comments (13)
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By ted on 11/30/2006 7:34 AM
We are forcing them to react.

We are on the offense.

The scumbag politicians, regulators, SRO's, bought media advertorials and thieves are on the defense.

As long as they keep reacting to us and we are moving forward as they back up, we are making progress.

At some point, they will realize they should put out news to convince us to all capitulate and sell as they buy, cover, then run up the biggest bull market of all time. They will cover their short losses by going long.
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By ted on 11/30/2006 7:34 AM
I've noticed how many scumbag mouthpieces are quiet now. From the Remonds to the Weisses to the Cramers to the Greenbergs, they are all keeping a really low profile.

You'd have to be a retard to defend this blatant theft from hardworking every day Americans.
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By Southern Jobs on 11/30/2006 7:35 AM
This is not a swipe at Bush or the Republicans as it could just as easily be a democrat.

The puppeteers that control both parties have a plan and this image sums it up:

http://rense.com/1.imagesH/erasedee.jpg

They are nice enough to let you pick from the good cop or the bad cop, but you have to pick one of their cops.

As they steal your wealth through inflation, phantom shares, income tax on money that the banks created out of thin air, etc., you have to wonder if there is value in reading about the brave souls that established this country in 1776 and who warned us about the dangers of a powerful central government, monied interests and influence from foreign powers.

You have to wonder why our kids are dying in a war abroad when the thieves are here.

Is it in your personal best interest to let them move standards of living to the mean as they push wealthy middle class to meet poor third worlders as we all become serfs under their privately owned banking system?

The good news is we figured it out in time. I say we force them to cover, bankrupt them and transfer the money that is still in the system to us!

I think we are on the verge of a new money / brokerage system where the fairness that opens up raises our standard of living at the thieves' expense.
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By middle class on 11/30/2006 7:36 AM
For much of history, most people were serfs living under kings.

The middle class had a reasonable standard of living only because great people fought in times like 1776.

Why are we willing to send our kids to die in Iraq, but we send pleading emails to thieving regulators to protect their thieving masters?

http://www.townhall.com/columnists/column.aspx?UrlTitle=why_we_love_government&ns=WalterEWilliams&dt=11/29/2006&page=full&comments=true

How much do you make in a week versus how much the thieves steal from you?

It is in your own self interest to make this personal and fing the SOB's that are stealing from Y O U ! ! !
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By middle class on 11/30/2006 7:36 AM
I have friends in the highest positions in defense and intelligence and I'll tell you they see the same things the rest of us do.

They die in wars to make someone else rich as the very beliefs of our United States is corrupted for money.

There are a lot of voices that are quietly awaiting the catalyst to arrest the scumbags. Many of them hold the highest levels of power in both parties. We have more friends than we may imagine.

All they need is for the public to wake up and give them permission.

Tick, tick, tick, scumbags how many ticks until D Day?
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By anthony kalantzis on 11/30/2006 7:37 AM
the livermores and kennedy's of today are GOING DOWN
the internet makes it easier for us to share info .
lets see that number of hedge funds cut in half .
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By jza4 on 11/30/2006 7:37 AM
They can only pull so many manuevers before they are all out and have no where else to go. They will eventually be caught. Time is running out for them. THIS TIME IS DIFFERENT!!!!
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By iscore4evr on 12/3/2006 8:33 PM
'middle class' says he has friends in high places and they are waiting, " for the public to wake up and give them permission," to arrest the scumbags.

I don't know if middle class is just trying to placate us into further inaction while we wait for someone else to do the heavy lifting, but it seems to me we have done enough waiting for the 'powers that be' to act. In fact, waiting to fix the system seems to be the only thing the powers that be are good at doing. Are we supposed to wait until the system is finally collapsed and they have won? I for one formally give my pemission to these so called friends, to do something positive to benefit the average citizen for the first time in the history of the SEC. But I am also putting the corruptors on notice that I, along with many others it appears, are ready to take action ourselves. All WE are awaiting is for a leader to emerge with a plan that we can support to crush the miscreants once and for all. If the plan is revolution, then so be it. This has to be ended before we are.
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By Freddo on 12/3/2006 8:34 PM
Cox should be arrested, and tried for treason before it's too late....imhfo of course.

FC,CF
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By virakiller on 12/4/2006 7:46 AM
right on freddo
treason HANG the traitor cox NOW
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By bbhindyou on 12/4/2006 7:46 AM
The creation of the fed gave the monster a foot in the door .As long as that foot remains ,no matter how we push [ we pay and the debt remains ] the monster keeps the door open and pushes back .The ONLY solution to having a true free market system is to abolish the fed and the dtcc.The foot must be chopped off and the door shut.The sec is worthless as a protector of the shareholders and needs to be turned into a true enforcement agency with real penaltys and policing or it too must be abolished and a true guardian of shareholder rights founded.
Without this there is no free market and the control of developing industry and current valuation of the market is not in the hands of the shareholders.
Re: SEC Seeks to Neutralize GAO Investigation with Move to Merge NYSE and NASD SRO functions By ginger on 12/5/2006 7:06 AM
The Senate Committee on the Judiciary has scheduled a hearing on " Examining Enforcement of Criminal Insider Trading and Hedge Fund Activity" for Tuesday, December 5, 2006 at 9:30 a.m. in Room 226 of the Senate Dirksen Office Building.

By order of the Chairman


Tentative Witness List
Hearing before the
Senate Judiciary Committee
on

"Examining Enforcement of Criminal Insider Trading and Hedge Fund Activity"

Tuesday, December 5, 2006
Dirksen Senate Office Building Room 226
9:30 a.m.

PANEL I

Mr. Ronald J. Tenpas
Associate Deputy Attorney General
United States Department of Justice
Washington, D.C.

The Honorable Richard Blumenthal
Attorney General
State of Connecticut
Hartford, CT

Ms. Linda C. Thomsen
Director of Enforcement
U.S. Securities and Exchange Commission
Washington, D.C.

PANEL II

Mr. Gary J. Aguirre
Former Investigator
U. S. Securities and Exchange Commission
Washington, DC

Mr. Walter J. Stachnik
Inspector General
U. S. Securities and Exchange Commission
Washington, DC

Mr. Robert B. Hanson
Branch Chief
Division of Enforcement
U. S. Securities and Exchange Commission
Washington, DC

Mr. Mark Kreitman
Assistant Director
Division of Enforcement
U. S. Securities and Exchange Commission
Washington, DC

Mr. Paul R. Berger
Former Associate Director
Division of Enforcement
U. S. Securities and Exchange Commission
Washington, DC

Mr. Eric Ribelin
Branch Chief
Office of Market Surveillance
U. S. Securities and Exchange Commission
Washington, DC

- - - - -

http://judiciary.senate.gov/hearing.cfm?id=2437
SEC Webcast Link By SteveM on 12/5/2006 8:02 PM
Examining Enforcement of Criminal Insider Trading and Hedge Fund Activity
Webcast LIVE link

http://judiciary.senate.gov/webcast/live.ram
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