I disagree, Greg. It's the SEC who has to watch over these POS! But, I don't see them doing a particarly good job of doing that. Why is it that the SEC doesn't make it mandatory for one set of ratings? I.E., strong buy, buy, accumulate, hold, and sell. Now isn't that easy? But they allow these institutions to defraud investors on a daily basis by throwing out so many rating spins, like "trading buy", that even Clinton himself couldn't split any more hairs, concerning the matter. Also, why doesn't the SEC lay the hammer down on analyst like Whittingham, after his ridiculous upgrade, downgrade, upgrade within 2 weeks on INTC? Who stood to gain from that? Surely not the retail investor. Why is it that these clowns are able to just spout anything out without repercussions? That my friend, is where the SEC needs to get off their asses and do something about it.
In addition, the SEC should have stepped in on the EMLX debacle and halted all trades for that day. How is it, they can make the 15yr old, who was nailed for manipulation, pay back all the money he made on his scams, and not allow EMLX investors the same justice? Why is it, the market makers are allowed to virtually steal 2.5 billion away from investors who did the right thing by selling, based on what many thought were credible sources. Not only did they steal the 2.5 bil, but they turned around and stuck it to the investors who wanted back in, by dumping shares @ 130, they acquired @ 45!!!!!
In essence, they made probably close to 3-4bill in 4 hours. BTW, how can they determine who get's the kid's money anyway?
For the most part, the SEC runs a pretty tight ship. Most of the problem stems from the fact they don't have enough officers to handle the work load. However, now that the April debacle occurred, and that cleaned out allot of investors, they should have the manpower to turn their attention to the institutions and less on the retail investor. It is they(institutions) who manipulate this market on a daily basis, by flashing fake orders the bids and asks to scare investors out. Unfortunately, no one wants to take time out of there day to report these bastaards! I bet if you video taped your L2 screens, and catch them in the act, then turn the tape over. That would get some attention. But, who is going to go through the trouble of doing that?
The good ole American buck has all the power in this world. Even the SEC succumbs to it in one fashion or another. But, that's something you, nor I, will probably ever here about.
KM |
