Originally published at: SEC lacks the tools to put the brakes on Elon Musk | Boing Boing
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Government regulators can’t keep up with all the grifts of the modern world?
Shocking.
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They are too busy blocking people from voting and wiping human rights off the books.
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Priorities, man. Priorities. The government’s too busy running and perpetuating its own grifts to worry about some rich billionaire getting richer by doing rich people things.
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The SEC has nothing to do with the ballot box OR dealing with human rights.
jeez!
The SEC can’t do anything to punish modern grifters. These grifters become politicians or give lots of money to politicians. Those politicians do things to block voting and erode human rights in service of donors. These things further these grifters’ power which feeds the cycle.
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Part of the problem seems to be that the markets are trying to read tea leaves to determine how to make their bets, so Musk (assuming he’s trying to manipulate the market) just needs to produce white noise until the markets shift the way he wants…
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Oh no! The US government can’t do anything about this either!
Corrupt or incompetent? (Insert “why not both” GIF here.)
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That’s how it’s always been. It’s a casino for rich people.
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At this point, one could argue that TSLA shareholders should already know they aren’t investing in a vision of stability.
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But the government has the tools to reign him in, they just pretend not to for political convenience. They have the option of disgorgement, where an individual has to repay any wrongly made profits, they have the option to halt all trading in a stock that they think is being manipulated for up to ten days, and they have the option to bar someone from serving on the boards or as an officer of a publicly traded company. Further, while they can’t bring criminal charges, they can refer charges to other agencies that handle more classic fraud charges. Given that the agency isn’t even pursuing the options in their existing toolkit, I’m not guessing it would help to give them other powers.
No, of course they don’t, but the government as a whole does and where they put their resources is very telling.
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Aren’t casinos casinos for rich people?
Not so much.
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Oh yeah, right, I was thinking European casinos. I had forgotten Las Vegas existed
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