Corruption in Wall Street. Can't trust SEC. What instance else to trust?
- Thread starter thecoder
- Start date
The US has many enemies, mostly internal enemies, who would like to destroy freedom in America.
I'm doing a quick research on the net b/c I think such fraud cases must already have been reported to and be known by the watchdogs like SEC and FINRA etc...
I just wonder why it's still possible... Corrupted watchdogs?...Everything and everybody has its price?...
I also wonder whether such a market crime is possible in China too,
or can this crime be committed best in the (subverted
IMO very interesting to know...
Ie. corrupt system vs ethical system...
Bingo! Like I said above, take a look at this:
https://www.nytimes.com/2009/03/05/business/05specialist.html
"
14 Trading Firms Settle Charges for $69 Million
By Diana B. Henriques
March 4, 2009
More than a dozen Wall Street trading firms systematically cheated their customers of millions of dollars by improperly slicing bits of profit from countless trades, federal regulators said on Wednesday.
The Securities and Exchange Commission disclosed the allegations after negotiating settlements. The firms did not admit or deny the charges but agreed to pay a total of more than $69 million in forfeited profits and penalties.
The 14 firms named in the complaints are all “specialists,” trading firms that have a specific duty to maintain orderly markets by matching buyers and sellers and standing ready to conduct trades when buyers or sellers are scarce. They include units or subsidiaries of well-known Wall Street names, including E*Trade Capital Markets, Goldman Sachs Execution and Clearing, Knight Financial Products and TD Options.
Regulators said the firms had engaged in various types of “front-running,” which involves trading ahead of customer orders or timing their own trades to seize profits. For instance, specialists that had a big order to buy a stock would first buy it from a seller themselves and then illegally bid up the price moments before selling it to profit on the transaction.
<... ctd at above link ...>
"
The news means nothing. Tomorrow they will continue on with business as usual, until they get caught again in 6 years doing the same thing. I bet their profits totally outweigh the fine.
Article is 11 years old.
Doh! And there you have it, ladies and gentleman.
Our own Russian troll doesn't seem to disturb anything here, with that kind of (not so new) news
I like that one. Must be desperate or something.
Yes, it just proves that this fraud/scam is well known to the SEC and FINRA and other watchdog bodies for a long time now.
But the fraud/scam still happens even today!
And: I gave the reason why I posted it. I wrote in my posting:
The question is therefore: have these watchdog institutions been subverted/undermined by the cabal etc, so that they no longer watch for such market crimes, or simply just close the eyes?I'm doing a quick research on the net b/c I think such fraud cases must already have been reported to and be known by the watchdogs like SEC and FINRA etc...
I just wonder why it's still possible... Corrupted watchdogs?...
To be or not to be, that's the real question here..., ladies and gentlemen!
Ie. SEC to be, or SEC not to be...
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