Just as the woefully under-funded and understaffed SEC is trying to get its arms around high-speed trading and its effects on markets, Congress votes to fund it, and The Commodity Futures Trading Commission, at a level guaranteed to keep them in the Stone Age. So we're back to heavy reliance on the industry's self-regulatory organizations to provide oversight; what could possibly go wrong? Barbara Roper, director of investor protection for the Consumer Federation of America, tells the Financial Times: “The SEC situation is bad, but the CFTC situation is criminal.”told Fox Business News: "Slashing that fund is not only wrong, it’s stupid. Only Wall Street benefits from not properly funding the SEC. Any other claim or excuse is phony.” -- B.B.
Monday, January 20, 2014
More Weak Ends For Bernies
is author of a dozen books (click on covers at right), including the new "THE TUNNELS: Escapes Under the Berlin Wall and the Historic Films the JFK White House Tried to Kill." He was the longtime editor of Editor & Publisher. Email: firstname.lastname@example.org. Twitter: @GregMitch