An SEC quote that made me laugh
For those of you who don't know, all WSJ online content is free today. So read up. Ok back to the story.
I'm reading this article on the WSJ: SEC Looks at Market Makers in 'Flash Crash'
And I this quote in the first paragraph that literally made me laugh out loud:
"If we identify any activity that violates the securities laws, we will take appropriate action,"
I guess I thought it was funny because that sentence reminded me of the gross inaction by the SEC in the midst of the massive fraud that occured over the past decade. I guess the key to that sentence is "if we identify any activity". In other words they basically turned a blind eye to the whole situation.
This is why I'm not in favor of "more regulation". If we just simply enforce the regulations we have we wouldn't have the problems we have. So much for common sense.