Posted by: tristar3research | May 20, 2009

Fed Seeks to Privatize SEC Securities Oversight Function

Oh, F*ing Great: The Fed – a privately controlled banking oligopoly, now much smaller than the ’80s – says the SEC, the premier investor protection agency, is no longer needed and is irrelevant. It is time for an American equity shareholder revolt!! Bloomberg spills the beans…

Of course, the Madoff “oversight” is nothing like the Mack “ignore” if you believe the testimony of a former SEC whistleblower with A LOT OF CREDIBILITY…“SEC ‘s Gary Aguirre took his battle with the SEC to Congress, sending SEC Chairman Cox as well as several prominent Senators detailed information on his termination, and the cover-up he alleges was its motivator.”

The Obama administration may call for stripping the Securities and Exchange Commission of some of its powers under a regulatory reorganization that could be unveiled as soon as next week, people familiar with the matter said. The proposal, still being drafted, is likely to give the Federal Reserve more authority to supervise financial firms deemed too big to fail. The Fed may inherit some SEC functions, with others going to other agencies, the people said. On the table: giving oversight of mutual funds to a bank regulator or a new agency to police consumer-finance products, two people said. The 75-year-old SEC, chartered to oversee Wall Street and safeguard investors, has seen its reputation tarnished as some lawmakers blamed it for missing the incipient financial crisis and failing to detect Bernard Madoff’s $65 billion Ponzi scheme. (oh, sure, that’s a reason to ELIMINATE IT! Not improve it- how about employing a few people who know how to watch markets? Not lawyers!!) Any move to rein in the agency is likely to provoke a battle in Congress, which would need to approve the changes, and draw the ire of union pension funds and other advocates for shareholders. “It would be a terrible mistake,” said Stanley Sporkin, a former federal judge and SEC enforcement chief. “Whatever the SEC has done or didn’t do, it is still the premier investor protection agency around.”

I got so excited when Jeff Immelt actually KNEW my name!

"Kneel" "I got so excited when Jeff Immelt actually KNEW my name!" IDIOT!!

If the Fourth Estate or media is considered a “watchdog”, watch this…A WordPress blogger is spot on:

In what has to be a video testimonial to the absurdity of our “free market”, CNBS host Dennis “Kneel” shills for the economy in early 2008…Truly telling

Vodpod videos no longer available.

more about “Dennis Kneale: Annoying TV Idiot Hump…“, posted with vodpod

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