SEC lacks the tools to put the brakes on Elon Musk

Originally published at: SEC lacks the tools to put the brakes on Elon Musk | Boing Boing

4 Likes

Government regulators can’t keep up with all the grifts of the modern world?

Shocked Sesame Street GIF

Shocking.

17 Likes

They are too busy blocking people from voting and wiping human rights off the books.

13 Likes

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.

5 Likes

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.

Always Sunny Reaction GIF

12 Likes

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…

2 Likes

Oh no! The US government can’t do anything about this either!

Corrupt or incompetent? (Insert “why not both” GIF here.)

2 Likes

That’s how it’s always been. It’s a casino for rich people.

David Byrne Snl GIF by Saturday Night Live

6 Likes

At this point, one could argue that TSLA shareholders should already know they aren’t investing in a vision of stability.

1 Like

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.

3 Likes

Aren’t casinos casinos for rich people?

Not so much.

3 Likes

Oh yeah, right, I was thinking European casinos. I had forgotten Las Vegas existed

3 Likes

This topic was automatically closed after 5 days. New replies are no longer allowed.