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The SEC has led the charge of government agencies away from anything that could reasonably be called regulation. Take note of how often the term 'oversight' is
by alangibson 6y ago
The SEC has led the charge of government agencies away from anything that could reasonably be called regulation. Take note of how often the term 'oversight' is used vs 'regulation' when these guys are talking.
- ethbr0 6y agoLast I checked, the SEC doesn't pay very well compared to financial law / trading...
- alangibson 6y agoThere are lots of skilled but civic minded people in all the three letter agencies. The problem isn't people, it's ideology. Namely market fetishism and the assumption that if you're rich you just know better.
- anm89 6y agoYeah, I assume in reality, this is essentially the exact opposite what is happening. I would imagine the SEC is involved behind the scenes in coordinating these shutdowns. That feels like a huge violation of their stated intent though.
- totalZero 6y ago> how often the term 'oversight' is used vs 'regulation' when these guys are talking. Is that how we're determining efficacy now...? Semantics? I take it that you like FINRA because of the R in the name.
- alangibson 6y agoWhat? My point is that they see themselves as mall cops observing and reporting, not actively regulating behavior. That makes a pretty big difference in efficacy.
- totalZero 6y agoWhat you said was that they often use the word "observe" rather than "regulate," and that this is somehow reflective of the way they do their jobs. That's a purely semantic viewpoint and a ridiculous way to judge the efficacy of any regulator. In actual fact, they use the term "enforcement action." Here's their report from 2020. See for yourself: https://www.sec.gov/files/enforcement-annual-report-2020.pdf https://www.sec.gov/files/enforcement-annual-report-2020.pdf