(Bloomberg) Former SEC Chairman Harvey Pitt, says Elon Musk has done serious damage to the market.
When asked what he would do if he were chairman again, his response will alarm you.
It seems the SEC has deep roots of going after those who expose their shortcomings.
Elon Musk has openly talked about how the SEC fails to protect retail investors and now he’s a target.
Let’s get more into what the former SEC Chairman had to say.
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The SEC is uncomprehending of the real issues at hand
When former SEC Chairman Harvey Pitt was asked what he would do today, he responds by saying he would investigate the motive behind Elon Musk wanting to buy Twitter.
Regulators to Elon: Why do you want Twitter?
Elon Musk: For free speech.
Regulators: Right, we got that, but why?
There are a number of things the SEC could be focusing on but continue to neglect retail’s concerns.
Harvey Pitt said Elon Musk is using influencer marketing to move the masses which could be dangerous.
Necessary commentary here: I rather someone with Elon’s influence to move the masses if it means exposing the shortcomings of our incompetent regulators.
The people have already been speaking out about the SEC for years, now they just need a scapegoat do ‘de-escalate’ the sentiment.
But the truth is we need more influencers to speak out on market injustices and corruption in our government.
Elon Musk has not created any damage to the market, our incompetent leaders have.
The SEC has no public support
Here’s a red flag, the SEC has absolutely no public support.
Numerous polls on Twitter have been conducted by retail investors where more than 90% of people say they do not trust the SEC.
Investors believe the SEC has been compromised and no longer serve the people, but rather serve the financial institutions in a pay-to-play system where accountability for systemic risk is pardoned with a fine.
Unfortunately, parties on the same side will attack Elon Musk’s reputation to shut down public perception.
Former SEC Chairman Harvey Pitt fails to realize we no longer live in a world where the people sit in silence.
Social media has given communities platforms to raise awareness of injustices in the world.
The reason why regulators and affiliates have a problem with Elon Musk buying Twitter is because they don’t want the people to have that power.
We can say the same for crypto.
Crypto hedge funds are emerging as laws are being written for cryptocurrency.
Crypto is a true representation of supply and demand, unlike the stock market which is tailored specifically for financial institutions.
The SEC caters to hedge funds and market makers, not the people.
Should the president or the people elect the SEC?
The president elects the SEC Chairman and commissioners.
Which means it would be quite difficult to remove these people from power.
Is this right though?
Should it be difficult to remove government officials from power?
That doesn’t sound American to me.
The people should be allowed to vote these people into power.
Jon Stewart for SEC Chairman, anyone?
Our government is getting more powerful and greedier.
We need people such as Elon Musk to raise awareness of the corruption in the markets.
It’s time the people take their power back and start holding regulators accountable.