DARLENE CASELLA , 17 April 2021
Franklin D. Roosevelt was president when the Securities Exchange Commission was created in 1934. The function of the SEC was to regulate the buying and selling of securities, and to reform the stock exchanges. Its Holy Grail was to protect investors.
Prior to the stock market crash in 1929, there was no regulation of financial markets. A flower shop could sell stocks and bonds. The shoe shine boy gave hot stock tips. Unregulated Wall Street was deficient of accurate audited information regarding securities issued or sold. False information, fraudulent rumors and get-rich-quick schemes abounded. Speculation, insider trading, manipulation, short selling and buying on low margin credit was rampant. Prominent stock brokerage firms existed, but trustworthy information was out of the question for the average person. Continue reading “Article: The Securities Exchange Commission is becoming woke – opinion”