May 23, 2011
Copyrighted material redacted. Author cites:
http://www.securitiestechnologymonitor.com/news/regulators-probing-layering-spoofing-false-trading-securities-30618-1.html
i am hoping they catch major brokers this time. let's see the indictments. the license to trade needs to be taken from the brokers. if corporations want to be people, fine. send the corporations to jail or dissolve the corporation entirely. there needs to be an acknowledgment that this harms the market. this is a scheme to take $ from the investors who didn't know that their $ was being taken.
money should be RETURNED to the investors.
this was set up to confuse the investors. it's grand larceny, theft.
if this was about the sale of a car or the sale of widgets, this would have extreme financial penalties. instead, they took our retirement, our capital. this is more egregious.
if there are criminal penalties, don't let them go to the country club jail. put them in the general population. let them see the hopelessness and poverty caused by these actions.
in my book, this is almost treason.
and the software developers should also be looked at. they allowed their software to be put to such a use. the brokers' financial statements should be looked at, the compliance officer, the CEO, the department heads, the back office that didn't settle correctly, the clearinghouse.
apparently no one performed anti-money laundering procedures.
and if it involved shortselling, if there was no borrowing being done, then heads should also roll there.
options/derivatives do not replace shares of stock either.