http://www.pr-inside.com/author-reveals-secrets-that-caused-america-s-r1671789.htm

New inspection chief at SEC

When they talk about “a major sweep of hedge fund firms,” do ya’ think they mean “sweep” as in “sweep under the rug?”

SEC Gets New Inspections Chief

January 6, 2010

The Securities and Exchange Commission has named Carlo di Florio its new head of inspections as the agency plans a major sweep of hedge fund firms.

SEC Chairman Mary Schapiro appointed di Florio director of its office of compliance inspections and examinations. That body took the brunt of the criticism for the agency’s failure to detect Bernard Madoff’s $65 billion Ponzi scheme, leading to the resignation of di Florio’s predecessor, Linda Thomsen, who had headed the office since 2005.

Di Florio joins the SEC from PricewaterhouseCoopers, where he served as a partner in its financial-services regulatory practice.

http://www.finalternatives.com/node/10127

And I’m certain they are rearming for another assault.

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Judge Rakoff Slaps Bank Of America Again – And Loves Ballroom Dancing (VIDEO)
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Read More: Bank Of America, Bofa Merrill, Jed-s-Rakoff, Merril Lynch Bonuses, Rakoff, Business News

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Share Print CommentsJudge Jed S. Rakoff is at it again. In his latest salvo in Bank of America’s civil trial with the SEC over the Merrill Lynch bonus scandal, Judge Rakoff blasted the bank’s attempts to use news reports as evidence at trial.

To recap, the SEC is suing Bank of America for misleading investors about its intentions to pay out year-end bonuses to Merrill Lynch employees. While it was buying Merrill, the bank maintained in its regulatory filings that no bonuses would go to Merrill workers.

At issue in the most recent court proceedings is whether or not media reports of the bonuses could be used as evidence. According to this ruling, Bank of America is apparently arguing that, because several prominent media outlets reported that Merrill bonuses would be doled out, the bank was absolved of, um, having to tell the truth.

From Rakoff’s ruling:

“In effect, the bank is arguing that, even though it expressly warned its shareholders to disregard the media, it can now defend itself by asserting that a reasonable shareholder would have disregard these warnings and, by consulting the media, perceived that the bank’s alleged lies were immaterial. Even a zealous advocate might perceive that such an argument hints at hypocrisy. “

I’m out and will remain until there is real change.

Ok if it was illegal, why isn’t it being investigated with charges pending.

The Sec can change all the rules they want, but, when GOldman employed their software, it was illegal as you say.

If it was illegal than you are implying a law was broken. Can you point to which law ? If so, where’s the enforcement ? Is it insider Trading or something obscure and legally incontestable.

If Gold Goes To $5000, John Paulson Could Become The Richest Man In The World…

http://www.businessinsider.com/paulsons-gold-bet-will-make-him-one-of-the-richest-billionaires-by-2015-2009-12

YRC’s Near-Death Was Wall Street, Old-Style
In the battle between the truckers and the hedge funds, the truckers won. The fact that YRC Worldwide almost went bust because of credit-default swaps shows how little has changed on Wall Street.

The struggle for survival at YRC, trucking company best known for its Yellow and Roadway-branded big rigs, attracted scant media attention in the waning days of 2009.

YRC did survive, but only after the last-minute intervention of the Teamsters union, which threatened to protest at the office of one Park Avenue hedge fund.

The fight revolved around credit-default swaps, the Wall Street invention that allows investors to profit when a company goes bust. Made famous for bringing down American International Group, credit-default swaps act like insurance policies on debt, and may make a company worth more dead than alive, at least to some investors.

That’s what happened with YRC. The company says that a small group of traders tried to push it into bankruptcy, hoping to collect on credit-default swaps that paid only after a filing. It took the help of the union to cajole bondholders to support an out-of-court restructuring.

read the rest on the link below.

Email dennis.berman@wsj.com

http://online.wsj.com/article/SB10001424052748704350304574638750418217422.html?mod=googlenews_wsj

http://www.bloomberg.com/apps/news?pid=20601109&sid=ahf.D_Xlp85o&pos=10

The basic idea is that retailers act as a herd, all buying or all selling, so the people that own the casin..err..I mean stock market have special rules for themselves.

For example, market makers will routinely execute all the buy market orders on open, run the stock up, short from their personal account, then execute all the market sell orders.

People don’t want to admit that the system is gamed and that the SEC and congress are owned by the people that benefit from the gamed system, but unfortunately, that’s reality.

What GS was doing was deadly illegal, so the SEC is changing the rules to make it legal.

I understand many people put “market orders’ and give the brokerage the direction to get whatever price it can, doesn’t that imply, the BEST price.

With what i’ve read about Goldman’s software, it seems they didn’t get the best price for the client, the software assured Goldman a slice of the trade by inserting a trade between the original buyer and seller…all dome at millisecond speeds and very small percentage natch, but still preformed with knowledge and certainly not at the best price for the investor.

kinda like getting a real estate agent to put an offer on a house, he buys it ( without registering the buy ) then sells it to you. i don’t think this is allowed.

I don’t think the “software buy” registers anywhere let alone on level 2 trading

should be “which politicians get elected”

The parasitic wealth generated is enough to determine which politicians get regulated and which don’t.

The control of boards (because they don’t have to vote the way entitlement proxies direct them to vote, because those proxies are not backed by real legal rights) allows them to control the media.

Read some of Ney’s work from the 1970′s and you will realize that this counterfeiting is a CANCER on productive America that actually works for a living.