Who’s Looking Out For You?: SEC Critics Seeking Investigation
Mark Faulk
FaulkingTruth cited by RGM Communications via Wayback, 27 June 2004
The mission statement of the SEC is clearly worded and easy to understand: “The primary mission of the U.S. Securities and Exchange Commission (SEC) is to protect investors and maintain the integrity of the securities market.”
Last Wednesday, they adopted new rules concerning short-selling that accomplished neither goal. Instead, they passed a watered-down version of their earlier proposed regulation SHO, a version that did absolutely nothing to “protect investors and maintain the integrity of the securities market”. And unlike their mission statement, the new rules are neither clearly worded nor easy to understand. In fact, the only clear message was the “subliminal” one that the SEC sent to investors, which was, simply stated: “We don’t care”.
