Wed, 05/06/2009 - 12:00am — lambert
According to Yves, Obama's chief of the SEC, Mary Schapiro, dumped $862 million worth of "auction rate securities" while head of the Financial Industry Regulatory Authority (FINRA) -- without telling the public. So, while FINRA and the insiders got out in time, the public was left holding the bag. Quelle surprise. And the beauty part?
The agency that would investigate Mary Schapiro's conduct while head of FINRA would be the SEC. Which Mary Schapiro now heads. Cozy!
NOTE For more on Mary Schapiro see here. Joe Kennedy, she's not.
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FINRA
Is the entity formerly known as NASD, in case you're wondering.
DanPS in comments notes another area of blackout to the public,
one that is yet another way for insiders the rig the market to their advantage.
Comment link, then second below is DanPS's reply to a question about the comment.
Is there any way the small investor can deal with this behind the scenes game rigging?
Remember when CB radios were a big thing, with people using "handles," such as Skinny Dipper, and sharing warnings about where the speed traps were? Watch out for Mile Marker 327, etc. And anyone without a CB was said to be "running naked," which is what almost all the small investors are doing. Running blind and deaf, and left naked when they're fleeced. Dumb only bcz the system makes real transparency impossible...even if the small investor had to the time to become a pro.
Damn.
No wonder Wall St has been working so hard to get SocSec funds into its grasp. They got a lot of monies out of pensions funds, which had professional managers, and had quite a feast on those 401K's.
It's all about the fees, baby!
As I keep saying.
First they ignore you, then they ridicule you, then they fight you, then you win. -- Mahatma Gandhi