Update: financial crimes covered up - pass a law - SEC is exempt - public is not privy - share rigging

Source: FOXBusiness

Note: Previously posted but updated based on recent discovery of the massive fraud called share rigging on Wall Street and the New York Stock Exchange. Now it can be understood why the SEC wants the American public not to be inquiring or to have access to information through the Freedom of Information Act.

Quote stuffing and strange sequences (Observe the anomalies: Share rigging.)

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SEC Says New Financial Regulation Law Exempts it From Public Disclosure

By Dunstan Prial
July 28, 2010

So much for transparency.

Under a little-noticed provision of the recently passed financial-reform legislation, the Securities and Exchange Commission no longer has to comply with virtually all requests for information releases from the public, including those filed under the Freedom of Information Act.

The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities." Given that the SEC is a regulatory body, the provision covers almost every action by the agency, lawyers say. Congress and federal agencies can request information, but the public cannot.

That argument comes despite the President saying that one of the cornerstones of the sweeping new legislation was more transparent financial markets. Indeed, in touting the new law, Obama specifically said it would “increase transparency in financial dealings."

The SEC cited the new law Tuesday in a FOIA action brought by FOX Business Network. Steven Mintz, founding partner of law firm Mintz & Gold LLC in New York, lamented what he described as “the backroom deal that was cut between Congress and the SEC to keep the SEC’s failures secret. The only losers here are the American public.”

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Perhaps it's just that the SEC is incompetent and would prefer just making any public inquiry now against the law? Or how many SEC employees have access to inside information on pensions and investments? Have a look at this video that was recently done explaining the blatant market manipulation using algorithms.