Oh, They DO Intend To Steal From You
The Market Ticker ® - Commentary on The Capital Markets
Posted 2010-07-28 11:28
by Karl Denninger
in Corruption
Ignore this thread
Oh, They DO Intend To Steal From You
 

And what's better, now the lapdogs of Wall Street are immune from FOIA requests!

The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities." Given that the SEC is a regulatory body, the provision covers almost every action by the agency, lawyers say. Congress and federal agencies can request information, but the public cannot.

That argument comes despite the President saying that one of the cornerstones of the sweeping new legislation was more transparent financial markets. Indeed, in touting the new law, Obama specifically said it would “increase transparency in financial dealings."

Mr. President, you're a lying sack of crap.

Nor is this theoretical either.  Fox News has already had an FOIA denied:

The SEC cited the new law Tuesday in a FOIA action brought by FOX Business Network.

Nice.

Oh, by the way, this would mean that a Madoff or Stanford "thing" would leave the SEC immune from FOIA requests by the Press (including the "mainstream" along with media folks like myself) to discover whether they had effective and early notice that they intentionally ignored.

Isn't that convenient, given that they did exactly that with Madoff and, it can be argued, Stanford as well?

Indeed, the SEC, The Fed, and Treasury have all tried to refuse compliance with FOIA requests into the backstories of the financial meltdown.

FOIA requests that could (and in some cases have, when they were forced to be complied with via lawsuits) reveal double-dealing, "sweetheart" treatment, and even willful blindness that, in many people's opinion (including mine) reaches the level of intentional collusion that, in a private context, would lead to civil and/or criminal racketeering charges.

To President Obama and CONgress for sticking this in FinReg (and yeah, I missed it, even though I read the entire damn thing):

Discussion below (registration required to post)
 

Main Navigation
Full-Text Search & Archives
Archive Access
Get Adobe Flash player





Blogtalk 3:30 CT Mondays
Items To Look At


Discuss The Capital Markets along with daily technical analysis with our Gold Donor program.

Where We Are, Where We're Heading (2013) - The annual 2013 Ticker

Links and Blogroll
Our policy on reciprocal links: Send us an email with your information and why you think your blog or news site would make a good addition - in most cases reciprocal link requests will be granted.
Legal Disclaimer

The content on this site is provided without any warranty, express or implied. All opinions expressed on this site are those of the author and may contain errors or omissions.

NO MATERIAL HERE CONSTITUTES "INVESTMENT ADVICE" NOR IS IT A RECOMMENDATION TO BUY OR SELL ANY FINANCIAL INSTRUMENT, INCLUDING BUT NOT LIMITED TO STOCKS, OPTIONS, BONDS OR FUTURES.

The author may have a position in any company or security mentioned herein. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.

Looking for "The Best of Market Ticker"? Check out
Ticker Classics.

Visit the forum to discuss this and other investing-related topics; see the FAQ on the forum for information about Gold Donor status including access to our technical analysis video server.

Market charts, when present, used with permission of TD Ameritrade/ThinkOrSwim Inc. Neither TD Ameritrade or ThinkOrSwim have reviewed, approved or disapproved any content herein.

The Market Ticker content may be reproduced or excerpted online for non-commercial purposes provided full attribution is given and the original article source is linked to. Please contact Karl Denninger for reprint permission in other media or for commercial use.

Submissions may be sent "over the transom" to The Editor at any time. To be considered for publication your submission must include full and correct contact information and be related to an economic or political matter of the day. All submissions become the property of The Market Ticker.

Leads on stories of current economic and political interest are always welcome. Our fax tip line is 850-897-9364; please include contact information with your transmission.

 
Comments.......
User: Not logged on
Login Register Top Blog Top Blog Topics FAQ
Showing Page 1 of 8  First12345678Last
User Info Oh, They DO Intend To Steal From You in forum [Market-Ticker]
Quillbill
Posts: 1469
Incept: 2009-06-23
Green
Northwest Illinois
Report This As A Bad Post Add To Your Ignored User List
They can't steal what most are WILLING to give.


----------
It is a new day....DO SOMETHING WITH IT!
Asimov
Posts: 104066
Incept: 2007-08-26
Gold
East Tennessee Eastern Time
Report This As A Bad Post Add To Your Ignored User List
What a ****ing joke.

smiley

----------
It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
Etz
Posts: 13891
Incept: 2007-06-26
Silver
LA
Report This As A Bad Post Add To Your Ignored User List
Dodd-Frank smiley

----------
Legal chicanery and beneficent darkness are the banker's stoutest allies - F.Pecora.

End_the_bubbles
Posts: 9525
Incept: 2009-03-25
Green
The New 3rd World
Report This As A Bad Post Add To Your Ignored User List
This should really inspire CONfidence in "the system" eh?

This is all so incredibly disgusting!

It blows my mind this whole ****ing scam doesn't completely collapse right here & now!

----------

In the long run even the most despotic governments with all their brutality and cruelty are no match for ideas. Eventually the ideology that has won the support of the majority will prevail and cut the ground from under the tyrant's feet and rise in rebellion to overthrow their masters.
Bighiller
Posts: 1473
Incept: 2009-05-06
Green
Hiding from Monkeys
Report This As A Bad Post Add To Your Ignored User List
When are we going to throw ourselves against the machine?




----------
The Earth will forget Mankind.
The play of life will go on.
Digalert
Posts: 217
Incept: 2009-09-19

Report This As A Bad Post Add To Your Ignored User List
"Mr. President, you're a lying sack of crap." There's no need to sugarcoat, we're all adults here.
I am getting carsick on this road to serfdom.
Ostriches
Posts: 262
Incept: 2009-10-28
Green
Report This As A Bad Post Add To Your Ignored User List
Do we need a list to remind us of all the violations and usurpations over the last few years?

And, again, lacking a sincere threat of sanction, they will continue to do whatever they want.

Bagbalm
Posts: 4263
Incept: 2009-03-19
Green
Just North of Detroit
Report This As A Bad Post Add To Your Ignored User List
Secret government - secret laws. We all know where that ends. Secret trials and secret prisons followed by secret executions. Tin? Extreme? No - logical progression.
Mj71
Posts: 118
Incept: 2009-03-14
Silver
Report This As A Bad Post Add To Your Ignored User List
With apologies to Mario Puzo:

Just when I begin to cope with my rage, they pull it back out! smiley
Wis/min
Posts: 5364
Incept: 2009-08-14
Gold A True American Patriot!
On the border
Report This As A Bad Post Add To Your Ignored User List
Will this be challenged in the Supreme Court?
Estadosundidos
Posts: 241
Incept: 2010-06-26
Green
Canada
Report This As A Bad Post Add To Your Ignored User List
November can't come soon enough...

smiley

----------
“A culture that does not grasp the vital interplay between morality and power, which mistakes management techniques for wisdom, and fails to understand that the measure of a civilization is its compassion, not its speed or ability to consume, condemns itself to death.” – Chris Hedges
Txin1880
Posts: 4737
Incept: 2009-02-25
Green A True American Patriot!
Texas
Report This As A Bad Post Add To Your Ignored User List
Quote:
Mr. President, you're a lying sack of crap.


inline

----------
Realization - Rage - Resolve - Rifles - Rope - Recovery - Rinse - Repeat
Eli
Posts: 7215
Incept: 2007-09-10
Silver

Online
Report This As A Bad Post Add To Your Ignored User List
It is official then we are a full on Kleptocracy.

**** OFF AND DIE SLAVES!

----------
If you want a vision of the future, imagine a boot stamping on a human face - forever.
George Orwell

Curbyourrisk
Posts: 3595
Incept: 2008-08-19

Farmingdale, NY
Report This As A Bad Post Add To Your Ignored User List
Etz: Dodd-Frank The "DoNk"

Fixed it for ya.

----------
Time is up.

I hate to burst your bubble, but there is no Santa Claus, the tooth fairy does not exist and American justice does not involve the courts.
Jimpad
Posts: 1086
Incept: 2009-05-28
Green
Report This As A Bad Post Add To Your Ignored User List
Quote:
November can't come soon enough...


Too late. You, me, we all have surrendered the greatest society based on individual freedom in the history of mankind.
Jtmo3
Posts: 679
Incept: 2009-07-31

Missouri
Report This As A Bad Post Add To Your Ignored User List
November will make no difference. If you are banking on some great voter revolution from new congress critters, you are farting in the wind. My guess is more than 80% will be re-elected..throw the bums out, except mine. And you still have the liar and chief in there to block any attempt to make changes. Give it up for anything close to a fix before the bottom falls out.
Karlmarxghost
Posts: 4148
Incept: 2009-01-26
Green
I'm Your Huckleberry
Report This As A Bad Post Add To Your Ignored User List
inline

inline

----------
My views are my view and mine alone. Karl or ticker forum does not endorse or necessarily agree with my views. DO not trade on my views or take them personally.
End_the_bubbles
Posts: 9525
Incept: 2009-03-25
Green
The New 3rd World
Report This As A Bad Post Add To Your Ignored User List
Estadosundidos wrote..

November can't come soon enough...


**** the ballot box. They've gone too ****ing far this time. This so-called "reform" is actually the biggest **** YOU to the public YET! This is now worse than it ever was before.

It's time to lock and load. The time has finally approached where these people have got be taken down PERMANENTLY!

----------

In the long run even the most despotic governments with all their brutality and cruelty are no match for ideas. Eventually the ideology that has won the support of the majority will prevail and cut the ground from under the tyrant's feet and rise in rebellion to overthrow their masters.
Poorslob
Posts: 76
Incept: 2010-03-04


Banned
Report This As A Bad Post Add To Your Ignored User List
Nothing that can be expressed here is strong enough to convey the sadness one feels over the outrageous rampant criminality of this "government".



Ulegundo
Posts: 123
Incept: 2007-10-30
Gold
Vancouver - Canada
Report This As A Bad Post Add To Your Ignored User List
At this point I think voting isn't enough, those who produce need to put down their tools and make it clear that this will happen repetitively until change occurs.
Rickcaird
Posts: 78
Incept: 2009-08-17

Boynton Beach, Fl
Report This As A Bad Post Add To Your Ignored User List
Karl,

I am more interested in which legislator got this inserted into the legislation. We get way too much of this crap being hidden in 2300 page bills. We can repeal the exemption for the SEC, but I want to repeal the legislator at the same time.
Asimov
Posts: 104066
Incept: 2007-08-26
Gold
East Tennessee Eastern Time
Report This As A Bad Post Add To Your Ignored User List
In the past when stuff like this comes to light in an already passed bill, "nobody knows" who put it in.

----------
It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
Smacktle
Posts: 1362
Incept: 2009-01-20
Green
Texas
Report This As A Bad Post Add To Your Ignored User List
It's hard for me to keep reading this crap. I agree that "voting" isn't enough anymore. We need to do something but without violence what can that be?

----------
The faults of the burglar are the qualities of the financier.
- George Bernard Shaw
Genesis
Posts: 130798
Incept: 2007-06-26
Admin A True American Patriot!
Report This As A Bad Post Add To Your Ignored User List
Oh I suspect it was in the "managers amendment", and of course nobody will admit to being the author.

----------
I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
Login Register Top Blog Top Blog Topics FAQ
Showing Page 1 of 8  First12345678Last