Please visit this link for a commentary on the recently proposed merger of NYSE/NASD.
Well after they paid the CEO 200 million, why not. Menopolize and forget going all digital for another 50 years. After all why would it make sense to make things more efficient. I don't know crap.
So what's Frank Zarb up to these days, Bill? Robert Glauber's trying to get SarbOx repealed.
AirForce --- you appear to be a wise man to me! I think you know what's what --- you put it all in a nice nutshell. Regulation and efficiency? Please, don't give me a heart attack.
Don't die... I just throw in my 2 cents, which is probably worth about one cent. Obviously through the 90's this market was so corrupt. Pick a section from CEO, accountants, mutuals funds, hedge funds, options, analysts and many more.
Maybe there was lack of regulation? Should the everyday investor be concerned a bit.
Disclaimer: Most of my money is in the market.
Ms. Schapiro does LA and readily admits NASD was a mess 10 years ago.
NASD is still a mess. NYSE is still a mess. SEC is still a mess.
That's the first problem. No one in regulation wants to admit that they are failing in their mission. No one in regulation wants to admit that they have run out of creative solutions. What they are indeed good at is preserving their jobs and harassing members who seek to implement reform.
Just as we witnessed a "throw the bums" out mentality in this past election, it's also time to clean our regulatory house. The challenge is not merely to replace one set of incompetents with another (which is about all I fear we just accomplished in the transfer of power from the Republicans to the Democrats). But that we all would one day awake and demand honesty and integrity in our government and in our regulators. Sadly, not likely in my lifetime.
I'm sure that things will be MUCH better now that Eliot Spitzer has taken the
next step on his road to the White House.
By the way, we're hearing that the dissident/reform slate may have won as much as 2/3rds of the contested seats at the NASD districts this year -- and possibly 2 seats on the National Adjudicatory Council!
Happy and healthy Thanksgiving to all
Mary Schapiro is NO bum. Roel Campos is NO bum. "Can't catch 'em" Ketchum is a bum. Susan Merrill's a nice little girl who is very frustrated as an ENFORCEMENT type.
I see a former bum is now on the BOD of the USAF Academy. I wonder if he's going to recruit those cadets to be cold call brokers pitching penny stocks to elderly retired US Navy Admirals upon graduation!
At least Eliot aimed his guns at the heads and not at the feet of the industry.
He took on the analysts and the ceos meanwhile the regulators were busy making the business prevention units of the brokerage firms all powerful.
Eliot looked the other way for his bucket shops friends. Eliot's a showman and it was all "for the honor and glory" of Eliot Spitzer, don't kid yourself.
On the analysts, it was only the sectors which were "hot" that had problems and the reasons they were "hot" was "lotsa IPO's and SPO's to do." There was never much of a problem in other sectors with research.
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