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Get Ready for Regulators to Peer Into Your Portfolio
Wall Street Journal ^ | jason Zweig

Posted on 05/03/2014 9:08:48 AM PDT by Innovative

In December, the Financial Industry Regulatory Authority, which oversees how investments are sold, proposed what it calls Cards, an electronic system that would regularly collect data on balances and transactions in brokerage accounts.

But some critics think it could endanger the privacy and security of investors’ confidential data.

Under Cards (which stands for Comprehensive Automated Risk Data System), Finra would collect—probably weekly—a record of activity at all of the more than 4,100 brokerage firms nationwide.

(Excerpt) Read more at blogs.wsj.com ...


TOPICS: Business/Economy; Constitution/Conservatism; Editorial; Government; News/Current Events
KEYWORDS: 401k; bigbrother; brokerages; cards; investments; ira; privacy; surveillance
"Big government" is here to "protect" you...
1 posted on 05/03/2014 9:08:48 AM PDT by Innovative
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To: expat_panama

You might want to ping your investment ping list to this...


2 posted on 05/03/2014 9:11:12 AM PDT by Innovative ("Winning isn't everything, it's the only thing." -- Vince Lombardi)
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To: Innovative

Orwellian 1984 technology is here now. It can be done, and that’s why Americans better act fast to set some sort of limits, because there aren’t any more data collection limits technology-wise. We’ve reached the point where Orwell’s 1984 isn’t only possible, it’s relatively easy to do, and it doesn’t even have to be a human on the other end monitoring you. Computers can do that, too.


3 posted on 05/03/2014 9:22:04 AM PDT by CitizenUSA (We can't have an American people that violate the law and then just walk away from it!)
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To: Innovative

No doubt this data will be shared with the IRS.


4 posted on 05/03/2014 9:23:53 AM PDT by Brad from Tennessee (A politician can't give you anything he hasn't first stolen from you.)
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To: Innovative

Big government’s goal is to take your property and re-distribute same.


5 posted on 05/03/2014 9:24:06 AM PDT by kenmcg (b)
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To: Innovative
Fascism! Here we come! For your protection of course. Your government-financial masters obviously know how to manage your money better than you do. The unenlightened masses outside of the beltway obviously cannot be trusted with handling their own financial futures, therefore the fed must resort to confiscating all retirement funds and financial instruments (stocks, bonds, precious metals, etc.) to ensure the greater good.

If you think this is sarcasm, you're either delusional, or have a vested interest in the government position.

6 posted on 05/03/2014 9:25:07 AM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: Innovative

The private life is dead.


7 posted on 05/03/2014 9:27:09 AM PDT by dfwgator
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To: Innovative

Once upon a time there were “Bearer Bonds” which had the user clip coupons to get their interest payments, un-trackable and un-taxable without the owner’s disclosure. While many a mystery story was written about theft, skullduggery and murder concerning them, the reason they no longer exist is due to governmental requirements.

Now when computers make make for easy tracking and knowledge, this power can be used to increase scrutiny and regulation. With the old maxim of taxes not being levied for the benefit of the taxed, this trend is not a good sign!


8 posted on 05/03/2014 9:43:38 AM PDT by SES1066 (Quality, Speed or Economical - Any 2 of 3 except in government - 1 at best but never #3!)
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FReepers! Charge!

Keep Free Republic Alive with YOUR Donations!

Make a difference.

PLEASE Contribute Today!

9 posted on 05/03/2014 9:52:53 AM PDT by RedMDer (May we always be happy and may our enemies always know it. - Sarah Palin, 10-18-2010)
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To: Innovative
Look at the insider trading going on from our Congress and Senate. They will openly
tell you they are breaking the law because they believe they are exempt
from prosecution.
10 posted on 05/03/2014 10:35:18 AM PDT by MaxMax (Pay Attention and you'll be pissed off too! FIRE BOEHNER, NOW!)
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To: Innovative

This is a first step to imposing a “Federal Securities
Holdings Fee” automatically taken from your holdings
annually to ensure that the rich pay their fair share to
the 47% who pay no taxes to live and prosper in the USA.


11 posted on 05/03/2014 10:58:41 AM PDT by Noob1999 (Loose Lips, Sink Ships)
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To: abb; Abigail Adams; abigail2; AK_47_7.62x39; Aliska; Aquamarine; Archie Bunker on steroids; ...
You might want to ping your investment ping list to this...

Yeah, I thinks so.

12 posted on 05/04/2014 3:34:50 AM PDT by expat_panama
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To: Innovative

Your IRA = MYRA


13 posted on 05/04/2014 4:27:22 AM PDT by The_Media_never_lie (The media must be defeated any way it can be done.)
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To: Innovative; All

Better still, have sent the WSJ link to my planner..!


14 posted on 05/04/2014 4:39:37 AM PDT by Las Vegas Dave (The democRATic party preys on the ignorant..!)
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To: Innovative

Why of course it coincides with, “Capital Controls: The Final Phase in the Great Looting of America”

http://www.activistpost.com/2010/08/capital-controls-final-phase-in-great.html

Socialism Is Legal Plunder - Bastiat


15 posted on 05/04/2014 5:20:30 AM PDT by PGalt
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To: expat_panama

Thanks for the ping. BTTT!


16 posted on 05/04/2014 5:21:23 AM PDT by PGalt
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To: Innovative; COUNTrecount; Nowhere Man; FightThePower!; C. Edmund Wright; jacob allen; ...
Nano Black Helicopters

Nut-job Conspiracy Theory Ping!

To get onto The Nut-job Conspiracy Theory Ping List you must threaten to report me to the Mods if I don't add you to the list...

17 posted on 05/04/2014 7:44:04 AM PDT by null and void ( They don't think think they are above the law. They think they are the law.)
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To: Innovative

Anyone with a significant self managed IRA that bucks the negative trends of in house mutual funds, is probably being monitored and has been for the last four to five years.

Or, if you bought a fairly unknown stock and made some really good money in a short time or sold a stock before it headed down south, you probably have been monitored and are being monitored.

That is one of the reasons I don’t deal with so called financial advisors and only buy ETFs which have multiple holdings and a few mutual funds that aren’t used as dumping grounds for loser mutual funds by the house owning that fund.

Most of my ETF’s are sold by stop loss orders which are updated on a monthly basis. With the stop loss orders, I have a paper and electronic trail showing that I didn’t receive an insider tip to sell the ETF.


18 posted on 05/04/2014 7:52:57 AM PDT by Grampa Dave ( Herr Obama cannot divert resources from his war on Americans!)
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To: Innovative
In the United States, the Financial Industry Regulatory Authority, Inc. (FINRA) is a private corporation that acts as a self-regulatory organization (SRO). FINRA is the successor to the National Association of Securities Dealers, Inc. (NASD) and the member regulation, enforcement and arbitration operations of the New York Stock Exchange. It is a self-regulatory organization, a non-governmental organization that performs financial regulation of member brokerage firms and exchange markets.
So much for Big Government.
19 posted on 05/04/2014 7:54:31 AM PDT by Moonman62 (The US has become a government with a country, rather than a country with a government.)
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To: Innovative

When the couch cushion change is harvested for the grocery bill, who is wealthy enough for portfolios these days?


20 posted on 05/04/2014 10:19:09 AM PDT by bgill
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To: Moonman62

If you think the government and the IRS wouldn’t have access to that data, and wouldn’t use it for their benefit, you are either incredibly naïve or worse...

“Mr. Hu worries that Cards would take data that is widely dispersed—say you have money scattered across accounts at E*Trade, Fidelity Investments, Morgan Stanley and Charles Schwab—and centralize it for the first time.”


21 posted on 05/04/2014 10:59:14 AM PDT by Innovative ("Winning isn't everything, it's the only thing." -- Vince Lombardi)
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To: Brad from Tennessee
No doubt this date will be shared with the IRS.

It already is. When someone who has stock files their taxes, a required form includes a summary of their transactions.

22 posted on 05/04/2014 11:02:10 AM PDT by grania
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To: null and void

so if I am destitute I probably won’t have to worry about this right??


23 posted on 05/04/2014 11:07:43 AM PDT by Nifster
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To: Innovative; moonman

More re your post 19:

For those who might buy your statement that FINRA is not a gov organization, therefore we have nothing to worry about...

Here is the FINRA website:

http://www.finra.org/AboutFINRA/

“FINRA is not part of the government. We’re an independent, not-for-profit organization authorized by Congress to protect America’s investors by making sure the securities industry operates fairly and honestly.”

Yes, indeed they say they are an independent organization - but note:

— they were authorized by Congress

— they can write and enforce rules

— they can bring disciplinary actions against firms

— they can levy fines

— they refer cases to the SEC and other organizations for prosecution

etc., etc.,

They are NOT some “harmless” non-profit organization.


24 posted on 05/04/2014 11:10:33 AM PDT by Innovative ("Winning isn't everything, it's the only thing." -- Vince Lombardi)
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To: The_Media_never_lie
Your IRA = MYRA

Exactly!!!! First step to establish systems to provide tools to confiscate 401K's and IRA's. The idea to raid these accounts and combining them with existing SSN is an idea that is already being toyed with by democratic legislators.

The IRS already has privy to all transactions over $10K. This will also give them tools to pretty much to do their audits online without messing with those pesky taxpayers.

Our pace toward fascist government rule is breathtaking.

25 posted on 05/04/2014 11:19:15 AM PDT by catfish1957 (Face it!!!! The government in DC is full of treasonous bastards)
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To: catfish1957

Junk silver coins, Anyone?

TC


26 posted on 05/04/2014 12:54:15 PM PDT by Pentagon Leatherneck
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To: null and void
> Get Ready for Regulators to Peer Into Your Portfolio

Oh, "Peer".

The first time I read the headline I thought it said, "Pee".

But I'm not sure I'm relieved.

So to speak.

27 posted on 05/04/2014 5:08:19 PM PDT by dayglored (Listen, strange women lying in ponds distributing swords is...sounding pretty good about now.)
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To: expat_panama
Interesting that none of this tracking was available during the MF Global days. How convenient for Jon Corzine.

Some say confiscation or some sort of ‘bail-in’ can't be far away. What do you think?

28 posted on 05/04/2014 7:38:13 PM PDT by MichaelCorleone (Jesus Christ is not a religion. He's the Truth.)
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