November 9, 2011
Put in a new regulation that doesn't require audited financial statements by reporting companies...
The markets do not care about finanical fundamentals anymore..
Markets trade based on technicals and trends...
I have owned many very good fundamentally sound companies but it just doesn't matter anymore...
The high frequency traders computer algorthms don't read financials and don't care about Sarbanes Oxley nor Dodd Frank...
They care only about planting headlines, creating volatility and trade on technical trends ...period...
If you are going to be a regulator...you need to concentrate your efforts on upgrading computers, stop allowing dark pool and after hour trading...try to enforce high frequency collusion etc...the rules of the game have changed and the SEC has not....
You don't allow people to sell unregistered securities to the public, yet you let hedge funds and hft's sell phantom shares short...it's all ridiculous....
When regulators finally run all corporations offshore how are you going to regulate anything??
You have no way of managing offshore global companies...you don't have the knowledge nor resources...all you have is people reading footnotes in financial statements that have little or no meaning in todays markets...
Do taxpayers a favor and downsize yourself ... you have done nothing but compromise free markets, capitalism and price discovery and made rules that allow the markets to be controlled by computers and turned the entire process into slot machines rigged to steal investor assets...
My public opinion is that you should consider that you are obsolete and should seriously consider downsizing significantly...let the FBI go after criminals....