The SEC contends that people who earn in excess of a certain amount of dollars per year do not need the protection of our regulatory framework, which is the reason the funds sector of the securities markets remain almost totally unregulated. Yet, it is this sector of the market that suffers losses of the greatest financial dollar amounts, when greed rus amuck. Madoff would not have been able to ruin so many peoples lives, had this sector of the market been properly regulated. Who is responsible for this failure to recognise the potential harm that an unregulated market can cause. The SEC will continue to say that they have not failed in this regard, because this sector did not fall completely under their purview, but shouldnt' someone at the SEC have the foresight to recognise the growing need to protect participants in all sectors of the market. The SEC has allowed the formation of FINRA, the Financial Institutions National Regulatory Association to become the sole regulator of the Securities Markets, an organisation that is a spin off of NASD, a company that had major regulatory issues in the late 1990s'. They have allowed a monopoly on regulation to be created, which means that if FINRA fails to properly regulate our markets we are in trouble. Who is minding the store in Washington? can we afford such a failure?

The SEC Dropped the Ball

It appears that the Securities and Exchange Commission has dropped the ball again. The Us economy is faced with its' greatest economis crisis since the crash of 1929, and the SEC has stood idly by and allow it to happen. Yet they have not claimed responsibility for their failure. Thus far they have done the usual, which is to point their finger at any, and everyone that they possibly can, but has failed to look at who their thumb is pointing at, themserlves. No mattteer how you slice it, the SEC has been grossly negligent in their regulation of the banking industry, and to allow this crisis to grow to the level where it is impacting every aspect of the US economy, makes me ask the question, why hasnt' anybody asked for the resignation of all the current SEC Commissioners, the resignation of the current heads of the SECs' Mareket Regulation, and Enforcement Divisions. Chairman Cox was an obvious target, but he does not coordinate the daily activities of the SEC Staff. Somebody should be held accountable below Cox, if this situation involved a failure of this magnitude by a firm, the SEC would ask for across the board executions, why are they exempt?.