Daniel Tarullo, who was designated for a Federal Reserve seat by President-elect Barack Obama, speaks during a news conference in Chicago, Thursday, Dec. 18, 2008. Also introduced was Mary Schapiro, left, as his designate for Securities and Exchange Commission chairman and Gary Gensler, right, as his designate for Commodity Futures Trading Commission chairman and (AP Photo/Gerald Herbert)
Shapiro is right about one thing, there needs to be enough staff at the SEC to close the gap on fraud and accountability. There is no way the USA should be siding with Bernanke to carry out more fraud as started under Paulson. A trillion dollars worth is an outrage. How could any Fed Chairman determine SINKING a trillion of funding into more securities will cure the ills. It is MORE of the SAME from the Bush White House and Bernanke needs to go !!! There is no dumping $1,000,000,000,000 into this mess while there isn't even enough safeguards in place to understand what happened under Bush and Paulson or even cast safeguards against it happening again. This is an outrage !!!!!!!!!!
SEC Calls For More Funds To Avert Cuts In Operations (click here)
By Zachary A. Goldfarb
Washington Post Staff Writer
Thursday, March 12, 2009; Page D01
Securities and Exchange Commission Chairman Mary Schapiro warned yesterday that the agency will "make significant cuts in its current operations" this year unless Congress authorizes it to spend more money.
Responding to concerns that the agency failed to detect the alleged Bernard L. Madoff fraud, Schapiro said the SEC is working to improve collection of tips and complaints and detect wrongdoing early on.
"I do not believe it would be wise for the SEC to retrench during such perilous times in our markets," she told a House appropriations subcommittee....
Lawmakers Rally to Restore Uptick Rule (click here)
Washington, D.C. (March 18, 2009) By WebCPA staff
Lawmakers continue to apply pressure to the Securities and Exchange Commission to reinstate a Depression-era rule that prevents traders from short-selling stocks whose share prices are falling.
Sens. Ted Kaufman, D-Del., and Johnny Isakson, R-Ga., have floated a bill requiring the commission to restore the “uptick” rule, which had been discontinued in 2007. Proponents of the reinstatement hope it will discourage selling frenzies. SEC Chairman Mary Schapiro indicated that she was in favor of revisiting the issue of resurrecting the uptick rule. A vote on the rule is scheduled for April 8.
The government's power to avert disaster has been gutted through loss of staff (TAX CUTS AND DOWNSIZING GOVERNMENT) by eight years of Bush and six years of Republican domination. The sad truth is that the USA has to re-establish its 'governance' principles in order to return the country to 'functioning.' The move by Bernanke is to allow more exploitation of the USA dollar and the people of the country. It is more than obvious as there is little more he can 'pull out of his hat' to attempt a recovery. The idea that dumping a trillion dollars onto a corrupt and still corruptible securities market before safeguards are in place or a clear understanding of the 'cause' of this mess is simply the most irresponsible move a Fed Chairman could make. Ain't no way this should be occuring. The 'Obama Stimulus' package over 10 years is working. The SEC needs to be supported in the reestablishment of staff and investigations that reveal the underlying truths of the destruction of the American economy. More jobs, more tax base and the USA will reestablish its economy. Bernanke has to go.
UPDATE 2-SEC looks at more short-selling measures (click here)
Wed Mar 11, 2009 4:43pm EDT
* SEC chief aims to issue uptick rule proposal in April
* SEC chief says more funding needed for fiscal 2009
* SEC mulls asking Congress to expand whistleblower laws
(Recasts with uptick rule plan, adds comments by Schapiro,
other details)
By Rachelle Younglai
WASHINGTON, March 11 (Reuters) - The U.S. Securities and
Exchange Commission aims to issue a proposal in April to restore
the so-called uptick rule and will look at other ways to address
short-selling in the stock market, SEC Chairwoman Mary Schapiro
said on Wednesday....
SEC charges Madoff auditors with fraud (click here)
By MarketWatch
Last update: 11:05 a.m. EDT March 18, 2009
BOSTON (MarketWatch) -- The Securities and Exchange Commission on Wednesday charged the auditors of Bernard Madoff's broker-dealer firm with securities fraud by representing they had performed legitimate audits. The SEC alleged that certified public accountant David Friehling and his firm purported to audit financial statements and disclosures of Madoff's firm, which was at the center of a gigantic Ponzi scheme. "I will ensure that we continue this investigation and hold accountable all those who helped to facilitate this massive fraud," said new SEC Chairman Mary Schapiro in a press release.
There is OBVIOUS fraud and mismanagement with the funds Paulson and Bernanke put forward in TARP. The TARP funds were supposed to purchase bad loans and derivatives. It didn't work because the monies went to pay bills. The financial sector is now HOOKED on this vast spending plan while the Treasury simply prints more money. If TARP didn't work because it was redirected by the banks that took the funds realizing they never had to account for it, why do it again only bigger. Bernanke IS the problem, get rid of him ! It's fraud, it is stealing the future of the USA away from the people and it is a direct insult to the country's sovereignty.Bernanke isn't even taking into account that Obama and Geithner have already proposed other instruments for purchasing the bad bank loans. The plans are already in the works so people can keep their homes and refinance and the housing market can return to some stability. Bernanke has tunnel vision and sees no restoration of government, but, only the private sector. Bernanke at this point is a toxic asset to the USA. He just is.
Is Cox (click here) still at the SEC?
WHY ?!?!?!?!
It is called a DEPRESSION.
It is called a CRASH.
Widening the tax base by creating jobs across the spectrum of the USA populous is the only 'flyin' way out of this mess and these lunatics need to be replaced and NOW !!!!!!!!!!!!
Fed to Buy $1 Trillion in Securities to Aid Economy
...As expected, the Fed kept its benchmark interest rate at virtually zero. But in a surprise, it dramatically increased the amount of money it will create out of thin air to thaw out the still-frozen credit markets that have cramped lending to consumers and businesses alike....
