John McCain
Rally
Cedar Rapids, IA – 09/18/08
TRANSCRIPT:
JOHN MCCAIN: I got to give you a little more straight talk. There was no transparency in the books in the Wall Street banks. Banks and brokers took on huge amounts of debt and they hid the riskiest of all investments. Mismanagement and greed became the operating standard, while regulators were asleep at the switch. The regulators were asleep, my friends, they were not working for you.
The primary regulator of Wall Street is the Securities and Exchange Commission. What we call the SEC had in place trading rules that let speculators and hedge funds turn our markets into a casino. They allowed naked short selling, which simply means you can sell stock without ever owning it. They eliminated last year an important rule, called the uptick rule, that has protected investors for 70 years. Speculators pounded the shares of even good companies into the ground.
The chairman of the SEC serves at the appointment of the president, and in my view, has betrayed the public trust. If I were president today I would fire him.
LABEL: JM SP IA 9-18 (LR#8) FIJ – clipE
If you’d like to acquire a high res version of this clip, VISIT:
http://issuealliance.box.net/shared/2m2c2tams5
To download the entire event, VISIT:
http://issuealliance.box.net/shared/o5ruq6p4fv
Duration : 0:1:28
(more…)
Technorati Tags: casino, crisis, economy, funds, gamble, gambling, Hedge, John, McCain, naked, SEC, Selling, short, stocks, Street, Tracking, Wall
Recent Comments