My point about the SEC is something I still need to argue. My read is that the SEC could have warned, but they don't unless advised to do so by The Fed, by justice or by Congress or the President. The SEC is a enforcement arm as I read it, and enforces what it is told to and by it's charter. By going rogue and talking warnings, they would upset the market, and then you would see a new SEC chairman in a week.
Allen Greenspan uttered a warning once, and he as Fed chairman was severely criticized for doing so. Remember the "irrational exuberance" quote?
After the Dot Com bust, he looked pretty smart, but in between they tried to get him replaced and Clinton held on, as did Bush. These SEC guys do have a committee that makes recommendations to Congress. In 2002, the Admin tried to reign in Fanny, and later, McCain tried. The SEC went through channels as it should, and that;s how I see it.
What is happening now with the current SEC, is that after a years worth of complaining to everyone and the SEC about short-sellers damaging the financial, The SEC has now limited short selling temporarily to back up the EU and their efforts. Now the street is attacking the SEC for doing what it wanted it to do earlier.
Pretty funny actually, but that's Wall street. It's as fickle as fickle gets.
Now we have to take Cramer and separate him out because he only attacks shorts when it's his stock that is hit. He, as a former short seller and part of the cabal still, is usually a big cheerleader for the shorts, except when he thinks they are wrong.
Shorts provide a great service. They are like the catfish in the tank, but right now, to achieve stability, I don't see a problem with the temporary bans on certain stocks and if we had not, after the EU ban, our market would have been flooded with twice as many shortsellers, and that could not be tolerated under the current circumstances, so the EU forced the SEC on that one.
Well I see the SEC get mighty petty over the companies I follow when it comes to filings. All the CFOs walk the line. Look at MSTR. These guys got hammered for a minor transgression - and they should have. The SEC has really very few responsibilities. Not many people know that, but making sure the filings are not toilet paper is one. The other organization is CFRA. When I was an analyst a report from CFRA could totally screw a call. A lot of times these guys were wrong. But it looks like they got acquired and you have to pay to find out what they are saying.
Well I see the SEC get mighty petty over the companies I follow when it comes to filings. All the CFOs walk the line. Look at MSTR. These guys got hammered for a minor transgression - and they should have. The SEC has really very few responsibilities. Not many people know that, but making sure the filings are not toilet paper is one. The other organization is CFRA. When I was an analyst a report from CFRA could totally screw a call. A lot of times these guys were wrong. But it looks like they got acquired and you have to pay to find out what they are saying.
I had an institutional sales guy that used to get me in front of Cramer Berkowitz. I always felt I needed a shower after. Way worse than SAC!!