SEC: Stock Market is Rigged
SEC Chairman Mary Schapiro made some interesting remarks during a conversation with David Gregory of Meet The Press. Apparently the stock market is rigged.
“I mean, what’s the point?” said Schapiro, “We all know it’s rigged.” When responding to Gregory’s question about whether big banks got off too easy through the last recession. Banks’ stock values have jumped with the recession. They have virtual unlimited access to funds with almost no interest rate. And are flush with cash, as is most large cap companies on Wall Street.
“It’s like a pinball game, but with little green men that can run around moving the ball on you. A true free stock market open to the public would be like the pinball machine without the green men–gravity would be the only real factor,” she said. “There are only two kinds of people that make money on gambling with stocks–the stupid and lucky and people with inside information.”