The $ 1.6 Billion Example
When you regulate everything, you regulate nothing. The recent MFGlobal disaster is just one more example of the failure of the over-regulation of the financial services industry.
Nothing could be more important than making certain that customer accounts are not commingled with their broker-dealer's accounts and looted in the interests of protecting the rich and powerful. Nothing! This is the most important regulatory function that the CFTC performs. And, how did it do? Total and complete failure, bordering on a lack of interest.
Meanwhile thousands upon thousands of new regulations proliferate. These new,stifling, regulations serve only to increase costs to consumers and protect the largest banks in our midst at taxpayer expense without adding one iota of protection for the hapless customer. The spirit of Sarbanes-Oxley and Dodd-Frank is punitive. Barney Frank is finally getting his revenge on the capitalist system. Who cares if the average American is the victim.
Meanwhile, customers who were told that their assets were "segregated" and protected by MFGlobal and by the CFTC regulatory protection are left with no protection at all as regulators were busy pursuing political agendas.
So, where is former Democratic Senator from New Jersey John Corzine who presided over this disaster? Is he to be protected as well. Is their no one to be held accountable when customer funds "go missing?" Obviously, this is not an issue the regulators are much concerned about, which gives one a pretty good idea of their priorities. I guess if you are a Democrat there are a different set of rules that apply.
Nothing could be more important than making certain that customer accounts are not commingled with their broker-dealer's accounts and looted in the interests of protecting the rich and powerful. Nothing! This is the most important regulatory function that the CFTC performs. And, how did it do? Total and complete failure, bordering on a lack of interest.
Meanwhile thousands upon thousands of new regulations proliferate. These new,stifling, regulations serve only to increase costs to consumers and protect the largest banks in our midst at taxpayer expense without adding one iota of protection for the hapless customer. The spirit of Sarbanes-Oxley and Dodd-Frank is punitive. Barney Frank is finally getting his revenge on the capitalist system. Who cares if the average American is the victim.
Meanwhile, customers who were told that their assets were "segregated" and protected by MFGlobal and by the CFTC regulatory protection are left with no protection at all as regulators were busy pursuing political agendas.
So, where is former Democratic Senator from New Jersey John Corzine who presided over this disaster? Is he to be protected as well. Is their no one to be held accountable when customer funds "go missing?" Obviously, this is not an issue the regulators are much concerned about, which gives one a pretty good idea of their priorities. I guess if you are a Democrat there are a different set of rules that apply.
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