Zeev's Turnips Patch-No Politics (ZEEV)

[basserdan]

Mary Schapiro: Either a Tool or a Leader of the Illuminati Be - And She Needs to Be Fired in Disgrace

By Cody Willard
February 25, 2009 11:40AM

The “Illuminati” isn’t some sort of secret organization running around in pyramid-emblazoned robes — but it does exist and what I mean by that is that there are people running big business and government who are all in cohoots together (often without even meaning to be, I hope) to use the government and its laws and policies and monopoly on the use of legal violence to redistribute wealth from the citizenry and to create unlevel playing fields and barriers to entry (read: barriers to commerce) for themselves and their shareholders, lenders, cronies and other friends.

Case in point — how about all these buddies, cronies and otherwise less-than-arms-lengths dealings amongst the guys who apparently were running out and out frauds and/or ponzi schemes and the non-elected bureaucrats who were supposed to be regulating them. And more to the point, as I’ll highlight later — remember that these same folks are BEING PROMOTED right now under the latest Republican/Democrat Socialist Regime in power.

First up, we broke this story on Happy Hour last week when we had Congressman Dennis Kucinich on talking about his probe to find out why FINRA “stood down” on their investigation of Stanford a few years ago –

Finra’s Stanford Probe Raises Questions on Oversight http://tinyurl.com/cr6peo

By Jesse Westbrook and Ian Katz

Feb. 18 (Bloomberg) — U.S. brokerage regulators fined R. Allen Stanford’s firm more than a year ago for misleading investors while selling certificates of deposit, raising new questions about watchdogs already under scrutiny for missing Bernard Madoff’s alleged $50 billion Ponzi scheme.

Stanford Group Co. was fined $10,000 by the Financial Industry Regulatory Authority in November 2007 for distributing marketing material that “failed to present fair and balanced treatment” of the risks associated with CDs. The U.S. Securities and Exchange Commission yesterday filed a civil lawsuit calling the sales by the Houston-based firm a “massive, ongoing fraud.”

“From what we know, the problem that led to the fine was a red flag,” said Robert Hillman, a securities law professor at the University of California, Davis. “If you have a red flag of this nature, then you have to do something more than simply levy a fine and close the file.”

The SEC accused Stanford of touting “improbable, if not impossible” returns for more than a decade on CDs issued by an affiliated bank in Antigua. The case follows congressional scrutiny of the SEC and Finra, which is funded by the brokerage industry, for missing Madoff’s alleged scheme.

Finra spokeswoman Nancy Condon had no comment…

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I mean, can you imagine how outrageous it is that FINRA, the regulatory body whose only job is supposedly making sure companies like Stanford aren’t lying and cheating and stealing from their customers, seems to have basically figured out that Stanford was one big fraud, but decided they’d stand down and even close the file? Say wha? How could that happen?

Oh, that’s right, there were a few little conflicts of interest between FINRA and Stanford, including –

Stanford workers had ties to regulator FINRA | Reuters http://tinyurl.com/d5jl9p
By Anna Driver

HOUSTON (Reuters) - Two employees of Allen Stanford’s financial business, which U.S. regulators have accused of massive fraud, held advisory roles at a watchdog group overseeing U.S. broker-dealers aimed at preventing abuses.

Lena Stinson, director of global compliance at Stanford Financial Group, served on the membership committee of the Financial Industry Regulatory Authority, or FINRA, which describes itself as the largest independent regulator of U.S. securities firms.

Frederick Fram, the chief operating officer of Stanford Group Holdings, served on the FINRA continuing education content committee, “where he participates in creating material for the Regulatory Element continuing education program,” according to a biography on Stanford’s website.

The Stanford executives resigned from their posts last week at FINRA’s request, Brendan Intindola, a FINRA spokesman, said.

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Yeah, that’s right, Stanford had not one but two moles inside the FINRA.

And do you remember who was mentioned up above as running FINRA when it decided not to punish and/or shut down Stanford for its crimes other than a fine of about $10,000? Mary Schapiro, that’s who. Sounds like someone who should be fired in disgrace, no?

As a bonus kicker, of course, she ran the NASDAQ where that bigger, more infamous Bernie Madoff character became chairman.

Given that her job as she once put it in her own words when she used your tax dollars to send out a press release touting her faith in another dude she used to regulate but now worked with as a non-elected bureaucrat pretending to regulate the industry that’s now getting trillions in welfare because all the executives in the industry destroyed their own shareholders’ companies with bad loans that never should have been made if the FINRA and other regulators had been doing their supposed job –

Statement of FINRA CEO Mary L. Schapiro Regarding Treasury … http://tinyurl.com/abudfd
"Investors shouldn't be left exposed and confused. Retail
investors should get the same basic regulatory safeguards and
protections no matter which investment product they choose.
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Were you exposed under her watch at FINRA? Were you exposed under her watch at NASDAQ? Can you possibly imagine being any more exposed than having the guys who were running multi-billion dollar scams serving with her as regulator of the very guys who were running the multi-billion dollar scams?

Sounds like sombody who should be fired in disgrace if not investigated for RICO violations, no?

What did the Republican/Democrat Socialist Regime in power do to her?

Why Mary Schapiro is the right person for the SEC job - MarketWatch http://tinyurl.com/chzoqr

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The bull market won’t return until people like Mary Schapiro and the people who work for her and the people who pay her millions of dollars of tax payer money every year are fired in disgrace.
They say they want to restore confidence? Just give us a government/SEC/FINRA that simply enforces the contracts and actually punishes those who lie, cheat and steal as well as those who protect those who lie, cheat and steal.

Simple enough. And Mary Schapiro ain’t doing it.

http://cody.blogs.foxbusiness.com/2009/02/25/mary-shapiro-either-a-tool-or-a-leader-of-the-illuminati-be-and-she-needs-to-be-fired-in-disgrace/