A cricket will rub its hind legs together and produce a chirping sound at night. In mass it is almost a soothing sound that will lull you to sleep. (BTW one in your house can drive you mad). It also is sometimes analogous to dead silence. Well now I put to you, the incredible stir that the Dodd-Frank Wall Street reform bill had a year ago when a Democratic congress passed it and the president signed it into law. One year has passed and the I ask you what happened to the teeth of this law. Dead Silence.
Registration has been delayed rules have been watered down and the SEC has yet to really come out with a game plan for moving forward. The house of Reps. has shifted and the law is in jeopardy of being repealed in part or whole. So is it no wonder that Hedge Funds, Private Equity firms as well as the derivative trading firms are sitting back to see what finally happens.
The SEC really dropped the ball on this one. They were slow with finalizing the rules (which in fact are probably a year from being finalized) and apparently bent to political pressures. So Firms are still unregulated and the SEC is all talk and no action. Nothing will happen over the next month and a half with congress on break, elections to think about and the 14.3 trillion dollar deficit to worry about. So I will be back when there is something to really to discuss.
Thanks
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