Discussing the crime of naked short selling
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SEC Announces Creation of Investor Advisory Committee
FOR IMMEDIATE RELEASE
Washington, D.C., June 3, 2009 — Securities and Exchange Commission Chairman Mary Schapiro today announced the formation of an Investor Advisory Committee to give investors a greater voice in the Commission's work. SEC Commissioner Luis A. Aguilar will serve as the Commission's primary sponsor of the Committee.
Go to the website to read the full release (links were not allowed).
The problem with this Investor Advisory Committee is that the participants in the Committee do not represent retail investors. The mix in the Committee is made up of individuals representing Wall Street as investment banks and idividuals representing investors when the "investor" represents some kind of a fund (hedge, mutual, pension, etc...). The Committee is not represented by anybody that represents us as individuals and the concerns we as retail investors have about the markets.
If you just consider how individual investor comments are appreciated by the SEC you can see where this committee will go. Highly Capitalized Investors will get their say and us peons will get the shaft.
So here is the question: How do we get a Committee together that had add input to this SEC Advisory Committee? We can request that the SEC provide us access to the discussions and meeting minutes of their Advisory Committee and provide feedback as needed on those notes. If we build up enough credibility we may be able to inject ourself into that Committee to attend meetings in which our personal interests are discussed.
I am looking for feedback on this
Read it, the common investor is not given a voice.
They made up this 'working' group so that congress doesn't form it elsewhere.
What a sham.
patch i asked senator cantwell for this exact thing. i asked for a small team of 5 of us to be involved as we do not have anyone representing us.give the senator a call and tell her you want retail investors to be involved.
1-206-220-6400 seattle orifice
1-202-224-3441 d.c. orifice
here is her letter to me.
You may not know this sender.Mark as safe|Mark as junk
Sent: Fri 5/08/09 3:04 PM
Dear Mr. Brandom,
Thank you for contacting me to express your concerns about the need for regulatory reform of the country's financial markets. I appreciate hearing from you on this important matter, and sincerely regret the delayed response.
The recent crisis in our housing and financial markets has shaken the confidence of the American people. Like you, I am concerned about the stability of our country's financial markets and believe that regulatory reform is necessary. We now know that one of the main causes of the economic meltdown was the opaque natural of the unregulated derivatives market. Had financial products such as credit default swaps been fully regulated, the financial crisis could have been contained. Instead, the cozy relationship between regulators and the financial industry allowed these risky, exotic financial instruments to fall into a regulatory black hole. Rebuilding the financial system will require restoring confidence to consumers and investors that the system is safe. In order to do so, we must reinstate time-tested regulatory principles that include transparency, capital adequacy, and enforceable prohibitions against fraud.
I recognize the tremendous burden that families and Washington businesses have faced in recent months and I am concerned about the lack of transparency and oversight in U.S. financial markets. Any solution to rebuild our financial system must enable the front line regulators like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to establish a regulatory firewall for our financial sector-a firewall that can be monitored both by the President and Congress. Please be assured that I will continue my efforts to bring transparency to government and to the financial markets by fighting for smart, effective regulation and oversight so we do not face a catastrophe like this again.
Thank you again for contacting me to share your thoughts on this matter. You may also be interested in signing up for periodic updates for Washington state residents. If you are interested in subscribing to this update, please visit my website at http: //cantwell.senate. gov. Please do not hesitate to contact me in the future if I can be of further assistance.
United States Senator
For future correspondence with my office, please visit my website at
http: //cantwell.senate.gov/contact/index.htm l