09-30-2008, 01:39 AM
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| Veteran | | Join Date: Jun 2006 Location: USA
Posts: 295
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Quote:
Originally Posted by bubba74  | Quote:
Created in the wake of the Crash of 1929, the SEC was conceived by Congress in the Securities Exchange Act of 1933, and came into being in 1934. Its commission is composed of five members, and no more than three can be of the same political party. Commissioners are nominated by the president and confirmed by the Senate for staggered five-year terms. The president designates one to serve as chair.
Former Rep. Christopher Cox, R-Calif., was nominated by President George W. Bush (to serve as commissioner and chair in 2005 after the resignation of Chairman William Donaldson, who had several "ideological" disagreements with other members of the panel. (Donaldson, also a Bush nominee, has since endorsed Sen. Barack Obama, D-Ill.)
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The SEC eliminated the uptick rule on July 6, 2007.[3] The elimination of the rule was preceded by a SEC order, placed on July 28, 2004, to create a one-year pilot temporarily suspending the uptick rule on select securities. The purpose of the suspension was so that the commission could study the effectiveness of the rule. The SEC's Office of Economic Analysis and academic researchers provided the SEC with analysis of the data obtained during the pilot. The consensus was against the uptick rule, with the commission concluding that the uptick rule "modestly reduce[d] liquidity and do[es] not appear necessary to prevent manipulation."[2]
The rule was originally put in place to avoid the perpetration of a financial crime known as a bear raid. However, short sellers themselves viewed the rule as "largely symbolic" and having little actual effect on short selling.[4
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seems to me GW and his cronies aka: Republicans had alot to do with those appointed and responsible for todays fiasco
Arrest BUSH !
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