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outoffocus (24.46)

An SEC quote that made me laugh

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May 20, 2010 – Comments (8) | RELATED TICKERS: SE , C

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.

8 Comments – Post Your Own

#1) On May 20, 2010 at 11:49 AM, binve (< 20) wrote:

outoffocus,

LOL! Right on :) close your eye, stick your fingers in your ears and say "la la la' and you are qualified to be a regulator :)

>>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.

Amen to that.

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#2) On May 20, 2010 at 12:30 PM, chk999 (99.98) wrote:

I sometimes think the SEC couldn't identify problems if the perps signed their SSNs onto SEC employees with branding irons.

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#3) On May 20, 2010 at 2:23 PM, russiangambit (29.99) wrote:

ha-ha

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#4) On May 20, 2010 at 3:54 PM, TMFLomax (< 20) wrote:

It's a big "if" given the stuff some of them were "identifying" for up to 8 hours a day during the financial crisis... ;)

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#5) On May 20, 2010 at 3:58 PM, catoismymotor (61.68) wrote:

Don't forget about all the porn. Lots of porn.

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#6) On May 20, 2010 at 4:01 PM, catoismymotor (61.68) wrote:

Apparently Alyce did not forget about the porn. :)

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#7) On May 20, 2010 at 4:05 PM, whereaminow (75.34) wrote:

The markets were safer for investors before the S.E.C.

David in SacTown

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#8) On May 26, 2010 at 5:07 PM, vtBrunson (59.75) wrote:

Wow, my usual retort to such an idiotic statement is "Job Description"...

In other words they are saying  

(Hey, normally we wouldn't take any action, but NOW...we are committing to actually do our jobs... make sure you can cover your tracks so we can't identify you).

the word "inept" comes to mind 

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