Bill Singer's Take on Wall Street Reform: Doomed to Fail
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Oh my . . . the Obama Administration has called the last play of the game, the offense claps as it breaks the huddle, the team is set to bang the financial markets' reform ball over the goal line. But Team GOP is digging in for the last-ditch stand. Suddenly, the Democratic running back goes wide -- the SEC amazingly announces a Friday Complaint against Goldman Sachs. Is that a misdirection or the real thing? Next, the tight end goes in motion and sets as a wide receiver -- Dick Fuld is grilled by Congress. Then the quarterback drops back into a shotgun formation -- the President will speak on Wall Street this Thursday.
The Republican middle linebacker barks out his new coverage, as the defense re-sets. Now, all that remains is for the snap, the run or pass, and the spot where the nose of the football comes to rest.
Will this end with a touchdown, a stop short of the goal line, or a lousy fumble?
My problem is that I don't think it will ultimately matter whether someone scores or not. Both teams are dead last in their division. This is the final game of the season. They are both ten games out of first and didn't qualify for the Wild Card. And while die-hard fans and purists say that you have to play the game out, the fact is that the outcome is of little consequence.
Pass all the new laws that you want. Amend as many old laws as you wish. It simply will not matter. This is not about the written words. This is about a culture of corruption and incompetence that has permeated our society and Wall Street. Until such time as we infuse new blood into the system and force out the familiar cronies and their sycophants, nothing will change beyond the whitewash and plaster.
Take this recent example:
On April 14, 2010, the United States Securities and Exchange Commission (SEC) issued a clearly well-intentioned press release. First off, the SEC is to be commended for promoting the release as an "Investor Warning." Truly, that is the case. The headline for the release states:
Investor Warning Relating to Eric V. Bartoli, Enrico Orlandini, and DT Analysis
a/k/a and Dow Theory Analysis SAC
The Investor Warning alerts the public to the fact that the SEC received credible information suggesting that an individual named Eric Bartoli, who was previously sued by the SEC for securities fraud, may currently be located in Peru and engaged in securities solicitations of investors, using the alias Enrico Orlandini. Further, Bartoli/Orlandini is operating through a company named DT Analysis a/k/a Dow Theory Analysis SAC.
Why should investors be wary of the parties cited in the Investor Alert? Well, the SEC's Investor Warning provides ample clues . . .
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