Saturday, September 5, 2009

SEC Admits Weakness

"The [SEC] says it is taking a close look at flash quotes, high-frequency trading and other dark corners of the stock markets. ... 'You need the quantitative, analytical capability that the agency has never had,' Mr. [Jonathan] Katz says. ... 'We are enhancing training for our staff and also recruiting additional professionals with expertise in securities trading, portfolio management, valuation, forensic accounting, information security, derivatives and synthetic products and risk management,' [Mary Schapiro] told Congress. ... 'Although the SEC receives many filings of different sorts, it does very little to collect significant data, analyze it, and then disseminate it to other government agencies and the marketplace,' said Harvey Pitt, a former SEC chairman, in an email to the Wall Street Journal", Tom McGinty and Kara Scannell at the WSJ, 20 August 2009, link:

We'll see if there is any substance to this.

1 comment:

Anonymous said...

Lip service.

The problem will get the SEC's Madoff treatment.