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Tuesday, June 22, 2010

Is the SEC f-ing kidding?!?

While reading this article/interview with Robert Khuzami, SEC director of enforcement, he specifically states:

"It’s no defense to claim that your client was a sophisticated investor"

Is he fucking shitting all of us? We pay tax dollars to support an organization that has allowed ponzi scheme after ponzi scheme plunder the unsophisticated investor for YEARS!!! Their actions were so negligent that I would argue the SEC were criminal, and the SEC themselves should be sued by the victims.

Just because someone is wealthy, by monetary standards, does not mean they are sophisticated investors. I can name plenty of people who fit that bill. BUT, individuals that work for banks, have industry standard certifications and know very well what type of market they are dealing with, are sophisticated. The SEC has no business protecting these people.

If these sophisticated investors do not like a market, don't trade it. They are uncomfortable with the transparency of a piece of paper, demand clarity or do not trade it.

I do not want my tax dollars being spent on protecting 'sophisticated' investors crying foul when they make a STUPID FUCKING DECISION! Its a moral hazard, and dumb-ass Khuzami is promoting the moral hazard with his statement above.

The SEC better wake up.

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