Lawmakers say ‘halt’ to sale of Chicago Stock Exchange to China

Of course this is done over the holidays with an abbreviated comment period. We gave Russia our Uranium why not give China access to manipulating our financial markets. The unthinkable is thinkable these days. The Obama regime remains without comment. Here tis:

stockLawmakers are demanding a longer review of a Chinese firm’s deal to purchase the Chicago Stock Exchange, voicing concerns over the sale’s impact on U.S. national security and the financial security of the American marketplace.

“As the Securities and Exchange Commission (SEC) conducts its process to review this transaction, we similarly urge you to consider the negative impacts Chinese state-affiliated ownership of the Chicago Exchange will have on national security and the financial security of the American marketplace,” the lawmakers wrote.

Earlier this month, the Chicago Stock Exchange announced that CFIUS found “no unresolved national security concerns” regarding the deal. The sale now only faces approval by the SEC. The Treasury Department has declined to comment on the development.

The lawmakers argued Thursday that the deal would offer the firm the ability to “manipulate” the $22 trillion U.S. equity marketplace.

“The integrity of, and confidence in America’s financial markets is a bedrock component of our nation’s security,” they wrote. “This transaction raises serious questions that go well beyond the limited scope of review that has already taken place. Allowing an entity such as CCEG to acquire one of our nation’s exchanges—with the access, information, and opportunities that exist to undermine U.S. interests—is a very serious matter.”

“Given these concerns, we urge you to consider rejecting this transaction,” the lawmakers wrote.

More at Free Beacon

SEC David Becker Resigns, Got payouts from Madoff

Frankenstein Government has a great post. Here is the back story. Did he figure no one would find out about this. Is there no moral compass in the Obama administration? I bet they start dropping like flies before any hearings.

The trustee trying to recover money for victims of Bernard L. Madoff’s infamous Ponzi scheme is trying to recoup more than $1.5 million of Madoff payouts from the family of David M. Becker, the general counsel of the Securities and Exchange Commission.Washington Post

Now Frankenstein’s thoughts on the matter:

I want you to stop and think about this for a moment. The fucking SEC General Counsel was invested in Madoff’s Fund??? And Madoff went uninvestigated for 10 years???

Please tell me what IF ANYTHING, qualifies as a conflict of interest?? This guy stands to lose 1.5 million profit he got from Madoff?? Turns out that this piece of shit, served as General Counsel to the SEC from 2000-2002. He was rehired in 2009 shortly after Madoff was arrested. He would have had all of this time to publicly disclose that he inherited profits from Madoff and certainly before beginning his second tour of duty at the SEC. Even the idiots at the SEC might have run a little scared. But hell, who knows? Here is the story of the poor sap who spent 10 years trying to expose Madoff without success. Go figure.

On February 1st, a seemingly routine news report that David Becker, the SEC’s general counsel, is somewhat abruptly leaving his position to return to  unspecified “private sector” employment.

Today, the Brits break the news story on the reason:  Becker’s parents and probably him apparently made $1.5 million investing with Bernie Madoff, a small time ponzi architect (small time compared with the US government, that is), and the bankruptcy trustee is suing Becker to get it back.  Madoff was one of the SEC’s most spectacular failures.  He operated for years without the SEC doing anything about him, even after repeated and detailed reports to the agency. more: Strike Lawyer

Read the full story here at Frankenstein Government

Robot Traders Leaving Behind Bizarre “Crop Circles” In Market Data

Aliens prepare to take over Stock Markets! Something like that… we report, you decide.

Following the May 6 “flash crash” in which the market plunged 1,000 points in just a few minutes, a data firm started looking at the trades being made by the high-frequency computerized trading bots that have come to loom over over the stock market. By zooming into the trades being placed by the millisecond the firm spotted several strange algorithmic patterns. Plotted on a chart, they look like the freakin’ the stock market equivalent of crop circles.

It’s not certain why these trades, most of which never have a hope of getting made, are getting requested. A way of injecting noise into the system? Somehow take advantage of just a few milliseconds, which can mean the difference between millions in this highly competitive industry where even having your computers physically closer to the exchange is an advantage? Someone just testing out their system? Quote-stuffing market manipulation?

Whatever the answer is, you can be pretty sure the porn-hoovering fools at the SEC don’t know it

Read more here:The Consumerist

SEC Ruling Requires Companies to Tell Shareholders if Climate Laws Are Bad for Business

Oh this will help the business climate. Another nail in the coffin for sending American companies overseas. Driving down stock prices helps everone’s pension plan.

A new ruling by the Securities and Exchange Commission (SEC) would require corporations to inform their shareholders of the business risks and potential impacts of climate change legislation, environmental regulation, and international climate treaties. The ruling marks the first time the SEC has required companies to make such information available to shareholders.

“Ultimately what this points to is, hopefully, companies looking at their own portfolios of internal investments and internal stranded capital and assets and rearranging so that they are less addicted to oil and less involved in dirty technology and more involved in clean technology,” Davies said.
“That’s the goal here, full disclosure of those vulnerabilities and or advantages for other companies,” Davies continued. “Maybe this helps to level that, at least in investors’ minds and then we get to a more sane economy that makes the right choices.”

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