Skip to comments.Get Ready for Regulators to Peer Into Your Portfolio
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 collectprobably weeklya record of activity at all of the more than 4,100 brokerage firms nationwide.
(Excerpt) Read more at blogs.wsj.com ...
You might want to ping your investment ping list to this...
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.
No doubt this data will be shared with the IRS.
Big government’s goal is to take your property and re-distribute same.
If you think this is sarcasm, you're either delusional, or have a vested interest in the government position.
The private life is dead.
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!
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.
Yeah, I thinks so.
Your IRA = MYRA
Better still, have sent the WSJ link to my planner..!
Why of course it coincides with, “Capital Controls: The Final Phase in the Great Looting of America”
Socialism Is Legal Plunder - Bastiat
Thanks for the ping. BTTT!
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...
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.
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.
When the couch cushion change is harvested for the grocery bill, who is wealthy enough for portfolios these days?
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 dispersedsay you have money scattered across accounts at E*Trade, Fidelity Investments, Morgan Stanley and Charles Schwaband centralize it for the first time.”
It already is. When someone who has stock files their taxes, a required form includes a summary of their transactions.
so if I am destitute I probably won’t have to worry about this right??
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:
“FINRA is not part of the government. Were an independent, not-for-profit organization authorized by Congress to protect Americas 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
They are NOT some “harmless” non-profit organization.
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.
Junk silver coins, Anyone?
The first time I read the headline I thought it said, "Pee".
But I'm not sure I'm relieved.
So to speak.
Some say confiscation or some sort of ‘bail-in’ can't be far away. What do you think?