securities and exchange commission

Why Haven't Bankers Been Punished?
Just Read These Insider SEC Emails

Judge Rules Administrative Court System Illegal After 81 Years

30% of Affluent Millennials Lie About Investing

Investopedia 100 celebrates financial advisors

FOIA Reference Guide

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


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.


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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