Tuesday, August 11, 2009

Quote of the day

AlphaNinja - My "quote of the day" usually comes from the government, the auto-sector, or the National Association of Realtors - maybe that says something about those instutions, who knows.

WSJ out this morning discussing the new "tone" at the SEC (Securities and Exchange Commission).

Former SEC "deputy director of enforcement" Walter Ricciardi:

"They want to demonstrate there is a tough, new cop on the beat."

To quote Anchorman - "I'm not even mad, I'm impressed!" Impressed at the audacity of that statement. We're supposed to trust this new "cop on the beat!?!?!?" The new "enforcement" director recently cracked jokes about questionable trading, in another example of the lack of seriousness displayed at this agency. Not to mention the agency failing to take down Bernie Madoff despite being handed the case on a silver platter.

(Just an FYI -->> While I think the SEC offers some fantastic tools that democratize the investment process, they should still be held to a high standard, as they take a slice of market transactions to fund themselves, costing you and I money)


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