here is a perspective from the regulation reform type of argument . this breaks down some of the specifics in the regulatory structure of the financial markets . this is useful to get a general idea of what is going on in the regulation side of capital . we need to remember though we want more than reform however in the end and should aim for something bigger . we need to destroy utterly capitalism for if left in place it will erode away totally any reforms to the system . we need fundamental radical change to societal institutions . Wall Street Journal Reporter: “The Entire United States Market Has Become One Vast Dark Pool” Wall Street and its sycophants began this journey into darkness with their push to run their own private justice system on Wall Street in the 1980s. Called mandatory arbitration, Wall Street was given a green light by the U.S. Supreme Court in its 1987 decision, Shearson/American Express v. McMahon. Since then, cases filed by both customers and employees against Wall Street firms, which could shed critical light and serve as an early warning system on patterns of fraud and abuses, have been removed from the sunlight of open courtrooms into the dark shadows of a private justice system that claimants believe is rigged against them. Once able to function as its own judge and jury in a justice system designed by its own Wall Street lawyers, the industry was effectively able to keep many of its crimes shielded from the press for years – until they collapsed in massive losses and brought subpoenas. After its coddlers gave Wall Street its own court system, removed from the prying eyes of the nation’s justice system and the press, Wall Street was ready to begin repealing every other layer of investor protection that had been enacted after Wall Street’s wholesale looting of the country in the late 20s and early 30s. The most dangerous repeal, of course, was the repeal of the Glass-Steagall Act which had barred Wall Street firms that gambled in stocks from owning insured deposit banks. Today, the largest trading houses on Wall Street are under the same corporate umbrella as the nation’s largest banks: JPMorgan owns Chase bank; Citigroup owns Citibank; Bank of America owns Merrill Lynch. wallstreetonparade/2014/07/wall-street-journal-reporter-the-entire-united-states-market-has-become-one-vast-dark-pool/
Posted on: Thu, 31 Jul 2014 13:26:45 +0000
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