Courtesy of Pam Martens.
CREDO Action Billboard Truck Urges Dumping Mary Jo White at SEC
The Securities and Exchange Commission will be holding a public meeting today on the structure of today’s opaque and deeply fragmented stock markets (without conceding that they are also rigged, as many informed voices contend). The meeting will begin at 9:30 a.m. and will be webcast on the SEC’s website.
The meeting is considered by many to be a few crumbs sprinkled about the corrupted landscape by Mary Jo White, Chair of the SEC, in the face of a growing campaign to oust her from office.
During the second week of September, CREDO Action had a “Dump (Mary Jo) Truck” making the rounds between Union Station, K Street and the White House. CREDO Action has also collected over 116,000 signatures on a petition urging President Obama to ask for the SEC Chair’s resignation. In June, Senator Elizabeth Warren sent a stern, 13-page letter calling White out on her serial broken promises.
And just a month ago, SEC Commissioner Kara Stein delivered a speech to the Securities Traders Association’s annual conference on market structure that appeared to be an indictment of White’s tenure as Chair of the SEC. One key area that Stein focused on was the dark pools that today dominate the Wall Street landscape. According to an October 1, 2015 list from the SEC, there are now an astonishing 85 dark pools trading stocks in the U.S. That compares with just 10 regulated stock exchanges operated by three holding companies: the Intercontinental Exchange, Nasdaq OMX Group, and BATS Global Markets.
Stein had this to say about the dark pools:
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