And seeing nothing. Barely changed the language from the last time around and certainly had nothing good or encouraging to say about the economy. So now it's ECB and Minister watching as the Euroboys have their get together tomorrow. The silence out of Euroland today was deafening and I'm not even going to speculate as to what mighr occur. Que sera, sera...that's Spanish. Very appropriate.
Oh, should mention one thing. The government lost a big one yesterday. Brian Stoker, a Citigroup executive, had a civil jury rule in his favor in a case brought by the SEC relating to the creation and sale of a large CDO back in 2007. Imentioned two years ago how difficult it was going to be to bring civil if not criminal actions against individuals in regard to these transactions but in another face-saving exercise the SEC moved against Mr. Stoker nonetheless.
I don't know Mr. Stoker nor do I know anything about this case but why I call it important is that I hope it spells the end to this money-wasting, face saving meaningless exercises which simply steals time from the real task of figuring out out to keep this stuff from happening again. Memo to the SEC and all concerned: Dodd/Frank aint the solution. Try again.
Yesterday was also the 10th anniversary of SOX, the first in a long line of stupidities which has accomplished little more than the reduction of the new issue business here in the United States by approximately 70%, not to mention the vastly increased costs that it has brought to small and medium size businesses across the country.
Tune in tomorrow to see if we still have Euroland.
LIke going toa rock concert. No one cares about the opening act, it's all about waiting on the headliner.
ReplyDelete