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Can the SEC Continue to Oversee FINRA with its Current Conflicts?
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Sent: Friday, February 06, 2009 2:12 AM
Subject: Can the SEC Continue to Oversee FINRA with its Current Conflicts
Can the SEC Continue to Oversee FINRA with its Current Conflicts
My commentary on the article below. Please also read the article below.
The Securities and Exchange Commission (SEC) is not true government commission. It is a civil agency with ZERO criminal enforcement jurisdiction, that was created by the bankers themselves, soon after the outcries of the 1929 crash, to regulate the banking industry. Congress was coerced and bribed into letting this truly "not a governmental agency" police Wall Street. You might say, it is the proverbial fox guarding the hen house..
Well, that fox has now assisted the multitudes of mafias in depleting the hen house of all the chickens, as the American economy has been devastated by the SEC's and FINRA's corruption. Want to know why your brother might be out of work? Why the dollar is dying? Why the bailouts of trillions are being paid to corporate elites which will enslave Americans for generations to come? Why college grads have to take minimum wage jobs? Why America will be in a depression that will last for years and weakened to the point it will be forced into 3rd world nation status? It is because our regulators are criminal sellouts (literally). They have let the international banking cartel, the Russian and Italian mobs and every other criminal enterprise run rampant on Wall Street with uncontrolled counterfeiting. Note how they use the executive privilege and invoking the 5th to avoid answering congress about their corruption?
An example? I have one stock in my account in which I own approximately 17 million shares. The friend who bought it to my attention has 60 million shares. I found out that the total company - the maximum of all of its' legally issued shares that should be available on the market to purchase - is only supposed to be a total of 9.5 million shares! I basically own, all by myself, approximately 180% of the company! There are thousands of shareholders in that company. Do you get it now? The values of these companies is only a certain amount. If you divide the value by the rightful share count, you will get a certain value. If you permit unrestricted counterfeiting, you reduce the value of each share and the counterfeiters not only get free money and pay zero taxes on it, but they destroy the company's value, destroy the company and cost millions of American jobs. Of course, I called the FBI with this conclusive proof of counterfeiting within my control and they weren't even interested in this counterfeiting. It took me 10 minutes to even explain the concept to the agent. He got indignant because I told him he needed to go after my broker who sold me the counterfeit shares, and he hung up. Of course, if you personally tried to counterfeit a $20 bill, you would see the inside of a concrete and steel "club med" for about 20 years! A double standard for Wall Street scum and protection by our government? You betcha!
Tens of millions of American jobs have been lost due to these thieves and our treacherous regulators and politicians who not only let this thievery happen, but greatly benefitted from it and now, when testifying before congress, simply take the 5th or the claim of executive privilege to protect their pitiful butts. Of course, congress is no moral high ground for they have been informed about this criminality for a decade and they have done nothing to stop it!
The question I pose to you is, "do you give a damn about this nation enough to do anything?" Will you call your congressman and let him have it? Will you call the SEC or FINRA and let them have it? Do 99.9% of the people in America believe it is the morally proper course to let the .01% be the only ones trying to defend our freedoms?
Hey - a wake up call for you Americans sitting on your duffs and rationalizing in your mind that "you are too busy" or "you do not understand enough" to get involved. If you are not willing to fight for your freedom (at least give the concept some lip service enough to make the government even a little concerned about the issue), YOU WILL CERTAINLY LOSE IT! That is a guarantee. Each and every freedom we lose is the fault of each and every American who cared so little, that they did nothing to protect them.
Here are the phone numbers of our regulators who let this travesty happen. Call them and do not speak like a passive slave, speak as if you are a boss of a company and the employee, through ongoing corruption, just devastated your company. That is EXACTLY what these degenerates have done to America!
The SEC:
SEC Complaint Center
100 F Street NE, Washington, D.C. 20549-0213.
Investor Assistance and Complaints:
(202) 551-6551 / fax to 202-772-9295.
FINRA:
1735 K Street
Washington DC, 20006
Phone
FINRA Call Center: (301) 590-6500
Be sure to also give your congressman a dose of what they deserve for letting this happen to your nation. MIllions of people are going to suffer because of this, and most likely, you will feel the impact as well. However, if you do not put up the stop sign now and let these criminals know the price for selling us down the road, it will certainly happen again.
Here is a congressional directory. USE IT!
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Subject: Can the SEC Continue to Oversee FINRA with its Current Conflicts
<<Can the SEC Continue to Oversee FINRA with its Current Conflicts.doc>> Enclosed is the first of a series of articles on regulatory reform that is co-authored by a friend and client Tony Broy.Tony has almost 40 years experience as both an NASD examiner and very successful market-maker. He cares deeply about the survival of self-regulation and both of us would like your thoughts on this subject.
Whistleblower Harry Markopolos was the first nail in the SEC’s Coffin yesterday, a catastrophe for the SEC and FINRA (he called it a RICO enterprise, which I would assert without question), and the SEC’s refusal to testify was the end.
His full 311 page testimony with exhibits is now up on the House Committee on Financial Services web site. It goes miles beyond the oral testimony in damning the SEC and FINRA.
A fifty plus year Congressional staffer commented that there was nothing even close to this testimony’s impact, with the possible exception of Howard Hughes’ testimony to the Armed Forces Committee of Congress in late WWII.
Their breathtaking arrogance was palpable. The SEC reports to Congress. You don’t tell a boss to go to hell. They have thrown themselves under the bus that ran over them yesterday.
Mary Schapiro was scrambling madly this morning. I predict now she is toast, along with her fellow SEC Commissioners.
Good riddance. FINRA has been dirty up to its ass with the Naked Shorting Scandal. They did such a good job with the Boiler Rooms before that.
The SEC was a RICO (before it was called that) toilet under Kennedy Sr., and it has simply returned to its roots.
It is a core validation of basic organizational theory. Once a whorehouse, it is forever tainted.
We need self-regulation, but no criminals please, and run by senior industry experts with effective oversight, something it hasn’t had for decades.
The big loser is the American economy. Who do they think will sell deals in the future, the Banks? We need an honest and efficient Wall Street.
I remember when I first came to the Street that there were a few bad guys and everyone knew who they were. But they didn’t run anything material, much less everything.
This isn’t going away.