On: GameStop Is Rage Against the Financial Machine

[koheripbal]

Which is why the fines are always greater than the net gains.

Obviously. Do you think the SEC is full of morons?

[girvo → koheripbal]

That’s only true if the SEC catches all instances of it by a particular company, no?

[cbozeman → koheripbal]

> Which is why the fines are always greater than the net gains.

The $3 billion in fines Wells Fargo paid versus the multiple billions it made from 2002-2015. The bank has almost $2 trillion in assets as of 2020.

> Do you think the SEC is full of morons?

No, worse. Cowards. Entirely too many see the SEC as a pathway to a high-paying job on Wall Street. You learn the ins and outs of compliance and go from a GS-8 - GS-13 making $70,000 - $150,000 a year, to making $1 million a year helping these banks, hedge funds, and other investors sidestep regulations by the most narrow of line-toeing.

[koheripbal → cbozeman]

> $3 billion in fines Wells Fargo paid

This had ZERO to do with Front Running.

[pueblito → koheripbal]

I’m sure the SEC is full of extremely intelligent and well educated people. I’m equally sure that most of them are corrupt and are part of the revolving door.