Reform The SEC
Reform The SEC
Why this petition matters
It is time to Reform the SEC. Something needs to change. This Committee, is either corrupt, and members are compensated by nefarious entities OR their hands are tied behind their backs.
For 16 years, The Securities and Exchange Commission ignored complaints about Bernie Madoff. In front of MILLIONS of Americans, SEC Chair Gary Gensler either lied about catching Bernie, or was misinformed. He is the Chair of the SEC, so he should know exactly what happened.
- Bernie Madoff turned himself in.
Bernie Madoff, responsible for the worlds largest Ponzi Scheme, pioneered Payment For Order Flow. Gary's response? Bernie served his time. So Bernie, a Criminal, pioneered the Criminal system known as PFOF, yet we still use it because he served his time?
- Payment For Order Flow was part of the scheme.
Payment For Order flow should be banned. It has lead to many of the things currently wrong with today's Financial Market.
- PFOF was Bernie Madoff's Golden Goose.
Chair Gensler also exclaimed that the SEC is only able to do things on the Civil side of things. So a regulatory committee, that cannot enforce their own regulations, makes these regulations as "guidelines", and doesn't do, or can't do, anything about them.
- If it is a lack of power to enforce, The SEC should be more than a Civil authority.
In his interview with Jon Stewart, Chair Gensler basically said he needed another year to do something about what is currently going on with the Market, Illegal shorting, naked shorting, and other issues.
- From the interview,
Jon, "Coming back in a year, We're gonna see how this all worked out."
Chair Gensler, "Give us a little more time, but yeah I got it."
With how long this has gone on, Either The SEC doesn't have the power to do what needs to be done, Or they are giving nefarious players a heads up, and are part of the corruption. You can only cut this two ways.
- If it is corruption, it needs to be rooted out from the source.
Every single member and connection to Nefarious groups or players should be severed, and mandatory prison time for all. No more appointments by politically controlled Government members.
- If the SEC is supposed to be For The People(Investors), they should be ELECTED by The People.
Furthermore, the SEC fines hedge funds, pennies on the dollar for their crimes. This is known as taking their cut, and only leads to a slap on the wrist, time after time.
- Punishment must fit the crime. There can be no mistake, that the miniscule fines of nefarious players that violate regulations in the market, ARE NOT ADEQUATE!
This should be mandatory forfeiture of all profits received from the violation PLUS fines. Repeat offenders should have their trading credentials revoked, and be banned from trading for life.
- Dark Pools were created for large Institutional Block Buys, So large orders would not significantly disturb the stock price.
Retail orders are being routed off exchange, with widely available daily Dark Pool volumes listed every day. This is suppressing buying pressure. Retail orders are not Institutional orders.
- Dark Pools are being abused!
This needs to be stopped IMMEDIATELY! There are no Ifs, Ands, or Buts about it. Say goodbye to the Dark Pools and find a way to spread out large Institutional orders.
These are only a few, of the many many things that are wrong with the system. It is old, outdated, overworked, etc and something needs to change. It may be up to us to change, or move things along.
If nothing else this gets exposure to the SEC, perhaps an open narrative, maybe Reform; But at the very least shows the powers at be we will NOT BE IGNORED!
If you feel that the SEC cannot serve their mission statement to the fullest, please sign this petition.
If you feel that the SEC has ignored hard working American Investors for decades, please sign this petition.
If you feel that the SEC is corrupt, and complacent in this corruption, please sign this petition.
Remember, Gary Gensler, The Chair of the SEC, lied in front of millions of Americans about catching Bernie Madoff. If he lied about that, what else has he lied about?
Sign the petition. Its time for the 99% to change the things the 1% refuse to fix.
Stand up for America. Sign the petition.
This is an ever changing world, and I am listening to those that comment, on Twitter, and on here. We are together in this, And input will not be ignored. We are the 99%.
Thanks for reading.