Gary Gensler Out at the SEC! What now?

Gary Gensler Out at the SEC! What now? www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski.

Speaker 2 (00:16):
So, Gary Gensler he's out at the SEC. He put
out a tweet that, Yeah, on January twentieth, he's going
to quit anyway the SEC. Full disclosure. They are my regulator.
They're my regulator, and as long time, let's just know

(00:37):
I'm highly critical of the SEC in respects that you know,
they really they don't do much in regards to protecting
individual investors. And that's part of the problem that we
have with scams and fraud that exists in the world
of finance. There's no there's no cop walking debat, and

(00:59):
quite frank, that's where I think the SEC should go.
I think that's what their resources should be used, is
trying to put a stop to fraud, trying to help
out individual investors before they get ripped off and scammed,
rather than come in after the fact and oh here
we are, here we come to save to day and
then you know, finding some people again. He also which

(01:25):
is interesting. His tenure. He tried to tackle all of
these nonsensical things from forcing companies to account for their
carbon and other DEI woke nonsense. And again he had
another rule that he put forward recently. Again it was
knocked down by a judge. You know, again, it would

(01:47):
seem to me that you're having a difficult time, difficult
time doing your job with what is tasked, but you're
adding on more things for yourself to do. And that's
what the SEC has done, this false sense of security
that sometimes investors have, whether it be the SEC in Finra.

(02:11):
It's not good. It's not good. And I've talked about
this before here on the problem I had harken back
to the nineteen nineties when you know, the big regulator
at the time was was the NSDR Nasdaq that was
what it was called before it was Finra. And you know,
all of the scams and all the rip offs, everything

(02:31):
that was taking place. Again to me, they were as
plain as day with all these penny stock operators, and
I was like, you need to tell me the NSDR
doesn't know this is going on. I know for certain
the big brokerage firms did because they were the clearing
banks for all of these penny stock ripoff artists that existed,

(02:53):
and they didn't do anything about it. I was a
you know, early nineties. I was a kid at the time.
I'm learning the industry, and I couldn't get my arms
around that, and so I, you know, eventually, you know,
put two and two together saying that these these so
called regulatory bodies are actually financed by all of the firms,

(03:16):
so it was self regulatory agency. They're the ones that
are cutting the checks. So how does that protect individual investors?
It doesn't, It hasn't, and it never will. So what
am I getting at? What am I trying to get
across here? You're going to have to be personally responsible.
You're going to have to be personally responsible. We say

(03:36):
it all the time on our show. Everything in life
that has meaning, value and worth involves work, time and effort.
Don't look for shortcuts. Understand that greed and fear the
investment connors are the ones that set the traps. And
if you follow those things, you're not going to need
the SEC and you're not going to need FINRA again.
You're going to be able to use your head. We

(03:57):
are always a resource here first and foremost, any of
the the inquiries that we get top of the list,
top of lists are people that are worried about an
investment they're gonna make. They're not sure if it's on
the up and up. They're asking whether or not that
this firm is legit or this advisor is legit. We

(04:17):
it's what we do and that's what we're here for.
So again, use us, use us, that's what we like
to do. Don't rely rely upon the government, don't rely
upon the SEC, and most certainly don't rely upon Finram
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