Corrupt SEC - How Embarassing is this?
READ ALL ABOUT IT HERE. Try not to laugh or puke... I couldn't stop from doing either.
The SEC is going to go witch hunting to find out which shorts are responsible the poor performance of Lehman Brothers (financial stocks).
They are going to make people take an oath and discuss their shorts... Come on REALLY... we're going to go on a witch hunt and ask shorts why they were shorting insolvent banks with huge off balance sheet
The search for corruption should begin at the SEC in my opinion. I'm embarrassed.
How 'bout getting Fuld or Thain to take an oath instead... tell us when they realized their companies were rotten to core and toxic to the system?
IT'S TIME TO TAKE A STAND PEOPLE... WHO AMONG US IN CAPS IS CONNECTED TO THE POLITICAL POWERS THAT BE ?
We need a grass roots effort to expose this corrupt banking system and we need to seize this opportunity to hit the reset button. Things are WAY off base now.
No one is looking to assign accountability for the major failures here... instead the politicians -are trying to say it's nobodies fault or maybe just the "shorts" fault. But CAPS players know the truth - Lehman, Merrill Lynch, Morgan Stanley, Pacific West, Ryland Homes, have been taking advantage of aggressive accounting and mis-leading investors.
These banks should not be allowed to walk away from this mess by handing their mistakes over to the U.S. government and retaining 100% of their equity. No no no!
WE SHOULD MAKE SURE THE WORST OFFENDERS LOSE ALL OF THEIR EQUITY... we don't need the old banks - we just need the system to stay intact... we can always launch new banks and create the money to go into their reserves.
Only make capital available to those banks who are willing to write down their books - if they are insolvent they need to give the U.S. a large or total equity interest.
The government can repair any institution and then spin it off to the public at a substantial gain.
CAN WE MAKE THIS HAPPEN?
IS THERE AN ORGANIZATION MAKING A MOVE IN THIS DIRECTION ?