The Wall Street Journal reports that
U.S. securities regulators will be “relentless” in chasing down market manipulation and fraud, including through rumor-mongering, Securities and Exchange Commission Chairman Christopher Cox promised Congress in separate remarks on Tuesday. In testimony prepared for delivery to the Senate Banking Committee, Mr. Cox said the SEC has active investigations underway into possible stock-price manipulation through “manufacturing false rumors” and short sales. Mr. Cox said in his remarks that such activity may have contributed to the rise in market volatility affecting investors. Cox’s remarks didn’t identify the targets of the investigations.
In testimony prepared for delivery to the Senate Banking Committee, Mr. Cox said the SEC has active investigations underway into possible stock-price manipulation through “manufacturing false rumors” and short sales. Mr. Cox said in his remarks that such activity may have contributed to the rise in market volatility affecting investors.
Cox’s remarks didn’t identify the targets of the investigations. The Wall Street Journal reported Tuesday that the SEC has subpoenaed more than 50 hedge fund advisors about short sales and other trades in Bear Stearns Cos., now part of J.P. MorganChase & Co., and Lehman Brothers Inc., although the funds may not necessarily be targets of the probe.
The SEC took the unusual step on Sunday of announcing it would begin an immediate examination, along with industry self-regulatory groups, of controls at brokerage firm, mutual funds and hedge funds, to prevent the spread of false rumors. The announcement came after volatile trading Friday amid fears about prospects for U.S. banks and federal housing-finance giants Fannie Mae and Freddie Mac.
No, this is not the Onion. (Thanks Wladimir Kraus)
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Does anyone see a tiny, almost non-existent problem about FREEDOM OF SPEECH here? Just a thought…
Is this from a heretofore unknown section of the Patriot Act? Honestly, they could shoot me between the eyes before they shut me up about these ridiculous economic policies.
Pursuant to Manuel’s question, a challenge for the community:
Can anyone provide a reliable reference to the last clear time and place when absolute freedom of speech was recognized by the establishment to include economic activity or expression?
I’m honestly curious to see if anyone can find any information on this, and if so, how long ago or far away it was.
Maybe they’ll arrest Chuck Schumer for his IndyMac letter.
Will this new aggression toward “market manipulation and fraud, including through rumor-mongering” include Bernake, Congress, and the President?
If you think about where all these oppressive measures are coming from it must be intended to scare people away from hearing what analysts like Peter Schiff and Jim Rogers are saying.
These unsavory power elite who are continuing their unConstitutional coup have focused their energies on diverting attention away from the uncompromising message about liberty and justice that is being delivered by Ron Paul. Now there are spin-offs that show that the level of education of the populace is rising and these are also threatening their scheme of oppression.
Their strategy is to try to shackle the financial analysts in the same type of imprisoning chain that the media are bound by.
The fearful media will act as their agent of censorship but hopefully the financial analysts will reject this propagandistic ploy and push right through the media cowards and tell the truth about the Keynesian charade.
The unConstitutional coup is near its end.
THE EMPEROR HAS NO CLO— What do you mean I’m under arrest? The Emperor is stark n— Ow! Get your knee off my back! Stop sticking that gun in my ear. Alright, I’ll shut up!
Who wants to bet the US gov will put capital controls to prevent people from taking their money and getting it out of the country? maybe 2009 or 2010?
I can imagine the rhetoric now… something to do with crushing evil speculators.
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