Wall street and sec

[bargainman]

While the rolling stone is not my first source of news this article is pretty brutal.  Sounds like the sec is basically powerless... by choice...

 

http://www.rollingstone.com/politics/news/why-isnt-wall-street-in-jail-20110216

 

[beerbaron]

At least there are investigations by the SEC. In Canada they don't even bother investigating, I can't recall the last time I red about insider trading charges in Canada.

 

BeerBaron

[kvattiku]

Terrific article. I used to have high regard for Bharara (the guy heading the insider trading scandal). But after reading this, I am not sure any more.

 

This article reinforces whatever Patrick Byrne (of Overstock.com) and deepcapture folks have been saying all along.

 

It's really pathetic to see Obama acting just like all the others - don't know how this system can be cleaned up.

[Guest dealraker]

Arthur Levitt's book should be read.  Once again he wrote that John Chambers walked straight into his office and threatened him.

 

Is anything else needed to determine the power we give to the SEC?

 

When stock prices are rising the SEC will never have any power because we don't want it to have power.  When stock prices are falling we blame the SEC.

[Guest]

 

 

It's really pathetic to see Obama acting just like all the others - don't know how this system can be cleaned up.

 

By going through a new Great Depression. I say that somewhat seriously, by the way.