Comments on: Giving the SEC Teeth

By: thinkingman

thinkingman — Fri, 23 Oct 2009 03:51:43 +0000

Isn’t it silly, though, that it would take a budget of about $2,000,000,000 ($2 Billion) annually to keep tabs on corporate America? I mean, does it really cost this much to sign up with a few (free) databases, just a few (expensive) databases, and a team of investigators, or are we talking about a staff of 10,000, each paid about $100K per year, plus about 10,000 laptops, each costing about $100K? I mean, jesus, that’s a lot of money to not be doing a good job with oversight.

~~~

BR: Over the past 12 years, we gutted the SEC’s budget, and significantly reduced their staff.

How did that work out?

We have had major analyst, banking and accounting scandals, and 2 massive boom bust cycles.

By: Web Watch: Best Blog Posts and Columns For the Week Ending Oct. 2

Web Watch: Best Blog Posts and Columns For the Week Ending Oct. 2 — Fri, 02 Oct 2009 19:59:18 +0000

[...] Giving the SEC Teeth (Barry Ritholtz, The Big Picture) The Big Picture | September 30, 2009 How hard was it for the Inspector General of the U.S. Securities and Exchange Commission (SEC), H. David Kotz to find items to critique? I am sure the two reports outlining 58 steps to improve the agency’s enforcement and inspections units are perfectly adequate. But the question I want to pose is this: Do they address a decade of neglect? [...]

By: Ritholtz says: Give the SEC teeth | footnoted.org

Ritholtz says: Give the SEC teeth | footnoted.org — Thu, 01 Oct 2009 23:51:01 +0000

[...] good friend and blogger extraordinaire Barry Ritholtz wrote such a compelling post yesterday about the SEC that I thought it was worth sharing with footnoted.org readers. Here it is [...]

By: Tony Ryals

Tony Ryals — Thu, 01 Oct 2009 17:23:34 +0000

I have been screaming at H.David Kotz for a long time now about his siding with anonymous fraudsters on sec.gov claiming everything from worthless penny stocks,(that the fraudulent ‘naked short selling’ claim of James Dale Davidson’s NAANSS or National Association Against Naked Short Selling first started with in 2002 and since 2005 REPLACED BY Patrick Byrne’s,et.al’s NCANS),to Novastar Financial and Northern Rock and finally Freddie Mac and Fannie acording to ex SEC Chair Chris ‘Naked Shorts’ Cox and his and David Kotz’s SEC were brought down by ‘naked short selling’!My first article-posts re Kotz and Christopher Cox’s ‘naked shorting’ lies and cover ups are hard to find now for some reason but are still on internet.
Ij ust wanted you to know he claims Fannie Mae and Freddie Mac were ‘naked shorted’ or ‘counterfeit’ to cover that massive fraud up as well.Will someone investigate, PLEASE !?

http://www.phillyimc.org/en/senator-carl-levinsarlen-specters-naked-short-fannie-mae-theory-vs-jfk-magic-bullet-assassination-th

Senator Carl Levin’s,Arlen Specter’s ‘Naked Short Fannie Mae Theory’ vs JFK ‘Magic Bullet’ Assassination Theory

SEC Inspector General H.David Kotz who these Senators treat with kid gloves as though he were a child prodigy for playing along with their and ex SEC Chair Chris Cox lie about Fannie Mae and Freddie Mac being ‘naked shorted’ when it is precisely those stocks that prove the claim of James Dale Davidson,Patrick Byrne,Senators Bob Bennett, Carl Levin,Arlen Specter, et.al. is a lie – if shares issued by Fannie Mae and Freddie Mac were ‘naked shorted’ meaning they were counterfeited according to the Senators and James Dale Davidson and Byrne,et.al.,then many shareholders would have complained of not receiving their dividends over the years.This never occured so the only question is are these Senators purposely aiding stock criminals or just mistaken and themselves manipulated to aid a mafia like stock fraud that thanks nothing of threatening the lives of those who criticise them whether they be journalisats are victims of their fraud such as myself.

By: beaufou

beaufou — Thu, 01 Oct 2009 03:18:40 +0000

@masterofmydomain
Good on you mate.

I remember a conversation between B.Clinton and Jim Simons about nuclear power a couple of years ago, not that it would put coal out of the picture for some assholes.
Keep digging.

By: wunsacon

wunsacon — Thu, 01 Oct 2009 01:47:59 +0000

masterofmydomain,

Thanks for sharing that personal tale. Unfortunate. But, very interesting.

By: NiceCriticalThinker

NiceCriticalThinker — Wed, 30 Sep 2009 20:16:41 +0000

HarryWanger Says:
The Great CNBC: An excellent post. Today’s market action is yet another glaring example of this.
BTW: Federer’s wife has been the topic of many conversations only to draw the logical conclusion.

I don’t remember you addressed the debt question, following your yesterday’s long post, about 51T total (private+gov) debt we are facing and more data and fact about your “energy, coal, technology” driven growth to pull ourselve out of this mess (quickly?).

Using stock market going high to pump more unwarranted optimism is not something really interesting, at least here.

By: Mannwich

Mannwich — Wed, 30 Sep 2009 19:01:33 +0000

@I-Man: LOL. Great points too!

By: Mannwich

Mannwich — Wed, 30 Sep 2009 19:01:07 +0000

The market can run all it wants. It still won’t convinced me that the economy is recovering until I see actual evidence (no, not the markets) to the contrary.

By: I-Man

I-Man — Wed, 30 Sep 2009 19:00:17 +0000

The SEC has plenty of teeth!!!
We only have the best talent in football. Seriously, check the linebacker depth charts of any NFL team, and guaranteed you will find more SEC players than any other conference in the NCAA.

Oh, and guys like Herschel Walker, Jamaal Lewis, Peyton Manning, Percy Harvin… man, I could just keep going.

Oh, whats that? Wrong SEC? My bad.

I didnt know there was another SEC…

What the f*ck does the other SEC do anyways???