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.”
Future
Bernie Madoffs must be feeling smug. As Dennis Kelleher, president
of Better Markets, a Washington, D.C.,-based investor advocacy group,
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.
No comments:
Post a Comment