Mary Shapiro Will Watch Your Stock Account like a Blind man

Mary Shapiro, the new head of the SEC is old news to me and represents more of the same, not change. She was head of the CFTC when I was a commodities broker and the commodity scams under her eagle eye were insane. She did jack shit. Assigned all complaints to the Industry created National Futures Association (NFA) which, as one might expect, was staffed by the biggest firms in the business, the heads of exchanges, and other crooks and cronies. Under her watch anything and everything went on from forging trading authorizations, forging signatures on account papers, hiding the risk disclosure docs from client view, and worst of all were the total lies told on the phone to prospective clients as well as the "re-loading" pitches made to existing clients. Churning was the name of the game and if we didn't trade every ten days they took the account away from us. Shapiro was simply an associate of the big players in the business and she allowed, through indifference, criminals to flourish. She is connected to everyone in every exchange as well as to virtually every congressman in both parties.

A bad bad appointment.