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You know the real problem with the SEC?

lambert's picture
Wed, 05/20/2009 - 8:19am — lambert

It could enforce the law, even if it doesn't. That's why the Finance Wing of the FKD is floating the trial balloon of moving supervision of the "too big to fail" banks to the Fed, where arrrangements are so much cozier.

Why aren't they breaking the big banks up? Too big is too big to fail!

NOTE Read this little story to watch the big boiz in action. I know nothing about money, otherwise I'd have some, but it looks to me that anybody who even wants to be a regulation capitalist should avoid the financial system like the plague, and find an alternative. The system is totally gamed by insiders. Sharia law -- thieving hand, meet axe -- has its advantages.

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danps's picture

Don't forget the Depository Trust Clearing Corporation

By danps on Wed, 05/20/2009 - 9:51am

See also (via). Note the role of the DTCC (c.f.). I'm starting to feel like a crank on that subject but I can't help feeling that shining a light in there would illuminate just about all the problems created by the financial services industry. If the SEC did more than wander in and kick the tires a couple times per year we might have avoided the worst abuses.

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