House Financial Services subcommittee hearing tidbit: “The SEC is … captive to the industry it regulates and is afraid to bring big cases against prominent individuals,” Markopolos said. The agency “roars like a lion and bites like a flea” and “is busy protecting the big financial predators from investors.”
While the SEC is incompetent, the securities industry’s self-policing organization, the Financial Industry Regulatory Authority, is “very corrupt,” Markopolos charged. That organization was headed until December by Mary Schapiro, President Barack Obama’s new SEC chief.”
And it isn’t just FINRA (which might as well stand for “FINANCIAL INDUSTRY NEVER REPORTS ACCURATELY”).
The sad and simple truth is that Congress, the SEC and most financial “journalists” have been captured/bribed, rendered complicit/compliant and/or brain dead by the big bucks banking, securities and hedge fund industry.
Why? So that Wall Street insiders (banks, broker-dealers, market makers, options market makers and hedge funds) could keep stealing trillions via the unlimited sale and non-delivery (read: COUNTERFEITING) of massive amounts of stocks, bonds, precious metals, and now, even US Treasury obligations (not to mention the companies, jobs, retirement plans, scientific advancements and lives destroyed by their contumacious, sociopathically self-interested behavior).
Where else other than in the American securities markets can you make billions from the sale of stuff you never have to deliver?
Mandated by Congress to be the investing public’s “first line of defense against securities fraud,” the SEC leadership over the past 10 years has repeatedly betrayed its duty to the American people; not only by consistently ignoring tons of evidence of criminal activity brought to its attention ala Madoff, but by delegating its fiduciary duty to protect the investing public to the Depository Trust & Clearing Corporation, a secretive, non-transparent entity wholly owned and operated by Wall Street insiders, that acts only to protect and enhance the interests of its Wall Street owners– and which has willfully and deceptively enabled the defrauding of investors with a duplicitous 3 card monty style bait and switch non-settlement system that rapes the investing public, rewards the rapists, and is a root cause of the financial disaster confronting the world today.
If ever the RICO drums should be beating within earshot of the DOJ and the White House, it is now.