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securities and exchange
commission
Investment Advisers Act of 1940
The act provides the
legal groundwork for monitoring those who advise pension funds, individuals and
institutions on investing.
It specifies what qualifies as investment
advice and stipulates who must register with state and federal regulators in
order to dispense it.
The original impetus of the Investment Advisers
Act of 1940, as with most other financial regulations of the 1930s and 1940s,
was the stock market crash of 1929 and its disastrous aftermath, the Great
Depression.
As fiduciaries, investment advisers have an overarching duty
to act in clients' best interests, as well as the affirmative duties of care
and loyalty.
An adviser's
fiduciary duty " means the adviser must, at all times, serve the best
interest of its client and not subordinate its client's interest to its
own.
September 11, 2001
"Additional details
emerged Friday about the effect of the collapse of 7 World Trade Center on
investigations being conducted by the New York offices of the Securities and
Exchange Commission housed in the building.
The SEC has not quantified
the number of active cases in which substantial files were destroyed. Reuters news service and the
Los Angeles Times
published reports estimating them at 3,000 to 4,000.
They include the
agency's major inquiry into the manner in which
investment banks divvied up hot
shares of initial public offerings during the high-tech boom."
Margaret
Cronin Fisk, National Law Journal, September 17, 2001
SEC & EEOC: Attack Delays
Investigations
SEC SECRET PROBE OF STOCK DEALINGS BEFORE 9/11
Securities and Exchange Commission: suspicious heavy
trading
CONFIRMED: Destruction of 911 Options Trading Documents
Former George Bush Chief Economist Says 911 Was An Inside Job
October 2001
SEC sends out a list of stocks to securities firms around the world looking for
information.
The list includes stocks of
American, United,
Continental,
Northwest, Southwest and
US
Airways airlines, as well as
Boeing,
Lockheed Martin,
American International
Group, Axa SA, Bank of
America, Bank of New
York, Bank One, Cigna,
CNA
Financial,
Carnival,
Chubb Group,
John Hancock Financial Services, Hercules
Inc, L-3 Communications Holdings, Inc.,
LTV
Corporation, Marsh
& McLennan Cos. Inc., MetLife,
Progressive Corp., General Motors, Raytheon,
W.R. Grace, Royal Caribbean Cruises, Ltd.,
Lone Star Technologies,
American
Express, Citigroup,
Royal & Sun Alliance, Lehman Brothers,
Vornado Reality Trust, Morgan Stanley, Dean Witter,
XL Capital Ltd., and
Bear
Stearns.
Market regulators in Germany, Japan and the US all
received information concerning the short selling of insurance and airline
stock, all of which fell sharply in the wake of the attacks.
Most of
these transactions were handled primarily by Deutsche Bank-AB Brown, a firm
which until 1998 was chaired by "Buzzy" Krongard, who became executive director
of the CIA.
City of
London broker and analyst Richard Crossley noted that someone sold
shares in unusually large quantities beginning three weeks before the assault
on the WTC and Pentagon.
2004
Securities
and Exchange Commission allows financial institutions/securities dealers to
raise their leverage from a typical
leverage of 12-to-1 to around
33-to-1.
Leverage is the
use of financial instruments or
borrowed capital to increase the
potential return of an investment.
Under 33-to-1 leverage, a mere 3%
decline in asset values wipes out a financial institution/securities
dealer.
2006 "President Bush delegates the
authority to waive financial reporting to the Director of National
Intelligence.
This authority can be used to conceal certain financial
institutions from fully reporting if such waivers are deemed to be in the
interest of national security.
Reporting exemptions may have been
granted during the 2008 crisis to conceal sensitive actions by key financial
entities." - Mark Skidmore
Intelligence Czar Can Waive SEC Rules
March through September
2008
5 largest
investment bankers on Wall Street go bankrupt.
"The
Madoff* scandal finally revealed the SEC for what it has
become.
Designed to protect investors from
financial predators, the
commission evolved into a mechanism for
protecting financial predators.
The SEC seldom penalizes serious
corporate and
management malfeasance - out of some misguided notion that to do so would
cause stock prices to fall, shareholders to suffer and
confidence to be
undermined.
The commission's most recent director of enforcement is
the general counsel at JP Morgan
Chase; the enforcement chief before him became general counsel at
Deutsche Bank AG; and
one of his predecessors became a managing director for
Credit Suisse before
moving on to Morgan Stanley.
A casual observer could be
forgiven for thinking that the whole
point of landing the job as the SEC's director of enforcement is to position
oneself for the better paying one on Wall Street." - Michael Lewis &
David Einhorn
2018 FASAB
Standard 56 is enacted.
If the DOD was to fully report as per existing
financial reporting regulations and laws, sensitive information could be
revealed and pose a threat to
national security.
"To maintain a strong military is to ensure the
strength and reputation of financial system and the dollar as
the primary reserve currency of the
world."
FASAB Standard 56 has no parameters or constraints limiting
the degree to which financial statements can be modified.
Financial
statements of all federal entities can potentially be modified to conceal
sensitive information.
The financial statements of all federal entities
can have modifications inserted that do not affect net results of operation or
position.
Allows a component reporting entity to be excluded from one
reporting entity and consolidated into another reporting entity in a way that
changes net results of operation and/or net worth.
There is no limit on
the amount by which financial reporting can be modified.
Understanding New Government Financial Accounting
Loopholes
2019 According to the latest
official figures, the $2.2 trillion Cares Act (US Treasury, 2020) pushed the
official deficit to $3.2 trillion in fiscal year.
As of November 2020, the
official total debt held internally and externally exceeds $27 trillion (United
States Debt Clock, 2020).
Importantly, between September 2019 and
October 2020, the Federal Reserve balance sheet increased by $3.3 trillion
(Federal Reserve, 2020).
All new federal government debt issuance was
fully monetized by the FRB.
The Pentagon's Missing Trillions. What You Need to
Know
National Security Waivers and The Security and Exchange
Commission |
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