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During the heart of the Great Depression, in 1934, Franklin Roosevelt founded the US Securities and Exchange Commission (SEC).
It was designed to be an independent government agency to protect investors by enforcing securities laws…a noble cause, indeed.
It followed the path of the Glass-Steagall Act of 1933 which separated banks, brokerage firms and insurance companies from doing business together. (Their collusion caused the Great Depression).
The laws worked exactly as intended. Both agencies helped keep corruption under control and there were very few large bank failures and no financial panics.
However, in 1999, Bill Clinton signed a law to repeal neuter Glass-Steagall opening the floodgates for the biggest financial mergers in history.
Look back since 1999 and you’ll see the destructive wave that the big banks have left in their path.
And since then, the SEC has been infiltrated and controlled by numerous Wall Street crony capitalists.
Instead of enforcing securities laws they conveniently look the other way when one of the boyz in the “Club” makes a boo boo or needs to dump a lot of their own “insider” stock.
Case in point.
SEC commissioner, Robert Jackson Jr, recently “Scolded” Wall street CEO’s who sell their companies shares after authorizing a stock buyback program.
Are you kidding me?
When an executive does a buyback program they’re suggesting that the stock is cheap.
The media cheers and you join the crowd buying the stock as it rises. (Sound familiar?)
It’s not right for an executive to dump his shares to an unsuspecting public during a buyback program.
Yet the SEC retaliates by “scolding them.”
I don’t know whether to laugh or cry.
Learn more about how the SEC is against you in our July newsletter.
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