Tuesday, September 20, 2011

SEC Investigating the Big Bad Traders

Okay, as if there was not enough evidence that the regulators in this country can’t tie their own shoes let alone properly regulate, the SEC is subpoenaing firms and hedge funds regarding insider trading surrounding the debt downgrade of the US government. 

Before I continue - I know, I know, how can we expect our regulators to stop watching porn and actually do 5 seconds worth of work.  Geeze, I guess I should know better right?  When you are watching porn on an internet browser, you can’t possibly do things like a Google search!  That would take up your computer screen!  Slap to the head, I am such an idiot!

Wait a second!  Hey Sherlock, I may be no Watson but I would assume with the bonus you got for ignoring crooks like Madoff, that you could afford a smart phone, right?  Well do me a favor and pull it out (GASP, not that!  Put that back in your pants and pull out the phone you disgusting moron!)  and Google what you are investigating!  I did, and looky here, I found articles in the WSJ, abc and others detailing the fact that the S&P had said they wanted 4 trillion in cuts or they were going to downgrade. 

Am I missing something here?!  Shouldn’t you guys be doing anything with your time other than attempting to make the front page of a newspaper?!   See, I thought that you had to have inside information for it to be insider trading.  Silly of me, I know, trading on the potential that was splashed across the newspaper for months should clearly be illegal! 

One could make the argument that this is payback for the S&P saying it like it is.  We have unsustainable debt and something has to be done!  But all we hear is ‘raise taxes’, not cut anything…  I know this might come to a shock to some people, but even cbs was saying we had an unsustainable debt back then (I am the master of the Google search!). 

"It was such an important event [that] the SEC would be remiss not to look at whatever evidence is available," said Jacob Frenkel, a former SEC enforcement lawyer

Well sir I would be remiss if I didn’t say this…  you guys aren’t worth your weight in playboy magazines!  Okay, fine, I agree we should look into some things, but don’t start dragging companies’ names through the mud like I am sure will be done over the next few days.  And as for the rest of us, we should keep an eye out in order to ensure that this isn’t a hit job on those that thought the government needed to make some cuts in the deficit, but failed to do so. 

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