Dear Senator / Congressman

How well has Mary Shapiro run the ship at FINRA? Today’s Wall Street Journal front page article discusses this. But after reviewing this, I don’t believe that CHANGE will be in the cards for the investing public.

During in past decade, where did all the trouble in the financial world come from? Was it from Main Street or was it Wall Street? (Enron’s electricity manipulators are now the oil market manipulators. Supply and demand forces do not drive oil up $25 in one day!) Have the scandals come from the regional or community banks, credit unions, independent broker-dealers or independent planning firms? No, it came from the BIG FIRMS on Wall Street’s with their Non-transparent, Unregulated Credit Default Swaps and other undecipherable schemes. It was assisted by the abolishing of protection policies like the “Uptick Rule”. So speculators could short company stocks into the ground in just a couple of days.

Criminal Con-man, Bernard Madoff ran a brokerage firm that was under FINRA oversight and an insider; once the head of the NYSE. The SEC admittedly knew about it in 1998 but turned a blind eye. It could have stopped then at 1 billion but, was allowed to grow into a 50 billion dollar ponzi scheme. Please stop appointing the gangsters as policemen and, stop allowing them to regulate their own criminal activity.

Maybe the regulators should eat their own cooking. If the higher ranks of the SEC and FINRA were sold equity indexed annuities, life insurance promoted as retirement savings, annuities with 16 year surrender periods, tax shelters found to be abusive, complex mortgage securities that they couldn’t understand or securities firm recommends but trash privately, MAYBE they would change their tune.

I see, with this appointment of Mary Shapiro, the continuation of supporting the system that has put us in the economic position we are in today and the further erosion of consumer protection.

DO YOUR JOB, NEW SENATOR!!! Start protecting the little man on main street, the majority of your constituency! FIX IT!!!

I must cite Jeff Bogue’s article, Jeff is an independent, fee-only financial planner with his firm, Bogue Asset Management, LLC as a reference for my letter. I sent this to my senator and congressman. Please write something to them. Let them know how you feel. Copy / paste mine if you agree and are to busy to write your own.

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