Naked Shorting-Hedge Fund & Market Maker manipulation? Message Board

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Microcap & Penny Stocks : Naked Shorting-Hedge Fund & Market Maker manipulation?

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From: pcyhuang	4/2/2008 9:25:25 AM
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Senator seeks Gov't Accountabiltiy Office's Report on the SEC The WSJ reports: Some Senate Democrats have this to say about a Securities and Exchange Commission plan for mutual recognition of high-quality foreign regulators: Not so fast. Sen. Jack Reed (D., R.I.) questioned the wisdom of the SEC's idea Tuesday and said he would be reluctant to accept it at a time when lawmakers doubt how well U.S. regulators enforce existing investor-protection regulations. Sen. Reed, chairman of the Senate Banking Committee's securities subcommittee, said he will express his concerns in a letter this week to SEC Chairman Christopher Cox and call for a Senate hearing on the mutual-recognition concept. Separately, Sen. Reed said he and Senate Banking Committee Chairman Christopher Dodd (D., Conn.) are seeking a Government Accountability Office report on the SEC enforcement division. Sen. Reed said he wants to know if the SEC has sufficient staff and funding to investigate wrongdoing and whether it has made fundamental changes in how it handles cases. Mr. Cox said a mutual-recognition system wouldn't be built quickly. "We're taking a very deliberate and measured approach," Mr. Cox said Tuesday. He also said he expects the agency would benefit from the GAO study sought by Sen. Reed. Mr. Cox has pressed for the SEC to create a system that would allow non-U.S. exchanges and brokers to have access to U.S. investors without being subject to U.S. regulation. Sen. Reed called for a slower pace, saying lawmakers first want an analysis of U.S. regulatory breakdowns in the issuance of mortgages to subprime borrowers and the marketing of securities based on mortgage payments. "I think you need to look back before you can go forward," Sen. Reed told reporters. Sen. Reed also criticized a Treasury Department blueprint for financial-regulatory change unveiled Monday by Treasury Secretary Henry Paulson. He said the recommendations miss the mark in key areas by ignoring accounting for securities backed by subprime loans and the role of credit-rating agencies that gave high ratings to such securities. "Any reform of the system has to reform credit-rating agencies," he said, adding that the SEC needs more authority over such firms "or a new agency needs to be established" to do it. Full Story: online.wsj.com pcyhuang

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