Anthony @ Equity Investigations, Dear Anthony, Message Board

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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony,

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To: Anthony@Pacific who wrote ()	9/11/1999 10:16:00 AM
From: Thomas G. Busillo	Read Replies (1) of 122087

Anthony, you're comments on CBSMArketwatch were right on the mark: cbs.marketwatch.com The SEC is incapable of policing the police, the National Association of Securities Dealers. Their conflict of interest is basic: government employees strive to build a reputation so they can move on to the more lucrative private sector. Their ultimate goal is to work at a big Wall Street firm -- or a big law firm representing a Wall Street firm -- or to work on the NASD itself. The NASD can't possibly regulate itself. It's Wall Street's biggest boys' club. Its sovereigns play golf together and their wives shop together. Expecting industry professionals to regulate themselves is like taking away the IRS and expecting voluntary compliance from taxpayers. The need for scrutiny exists and has always existed, but there was no one willing and able to do it. The SEC is a necessary illusion. It's an intentionally underfunded agency that's the best example of "agency capture" in the entire federal system; however, as long as you can occassionally get press coverage about vigorously battling "internet securities fraud" or "the mob on Wall Street", the public will buy into it. Most members of the public have little clue that the federal government has knowingly and willfully abdicated a major portion of its regulatory mission to a private association known as the NASD whose notion of "regulatory enforcement" can be summed up as "let's make a deal". The NASD's brand of Monty Hall justice is an obvious joke. The fact that it even exists is a "tribute" to the power of the industry's K-Street and PAC reach. Richard Walker's piece was interesting only in its predictability. My guess would be that if you totalled up the economic damage to the public involved in all net scamster actions, they'd pale in comparison to the economic loss caused by a half-dozen cases of selective disclosure. And the greatest "net scamster" act in recent memory, the Pairgain hoax, what was the result? Five years probabtion/"house arrest"? That's deterrence? This was a well-publicized case, MAJOR case. He has to do jail time. Not enjoy mom's home cooking. Good trading, Tom

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