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SEC Official Seeks Investor Alert on Retail Forex
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SEC Official Seeks Investor Alert on Retail Forex

  #1 (permalink)
Quick Summary
SEC Official Seeks Investor Alert on Retail Forex

Luis Aguilar, a commissioner at the SEC, issued a statement expressing concerns about retail forex fraud.

More on CNBC...

Reply to share your thoughts on this current event.

 
  #2 (permalink)
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They forgot to mention that U.S. citizens can't have a foriegn account. More bullcrap....The goverment should have no say in what leverage and margins should be offered to customers and most importantly should not dictate where we can or cannot have an account. WTF, this is the USA isn't it, how can they come up with this crap.* Frank-dodd is a piece of crap, only helps the big guys and makes it more difficult for the little guys. As far as alerts go, how fcking stupid is that, fine them heavily and shut them down if they cheat thier customers...simple. What kind of morons do we have running this place, no wonder this country is so fcked up....


*I wonder if the CME didn't have a say in this, make forex trading prohibitive and as a consequence drive more customers to them....

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  #3 (permalink)
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kulu View Post
I think one of the reasons that US citizens cannot have those accounts overseas is for our own protection as well. I think the number one goal for these agencies should be to protect the consumer. Ok, just a scenario for you. Suppose you open your account with this foreign broker, say $10K, and then they just shutdown or something wrong happens and you lose your $10K not because of your trading but because of the brokerage. Well, they could still get a hefty fine, but I am telling you, you won't get your money back. This is just my opinion. I am a naturalized US citizen, and it always amazes me how some Americans take things for granted. I mean if it bothers you so much and you think the US is f-up, change your citizenship and to something else and see how feel. This feeling of entitlement with most Americans is ridiculous. You think you have it bad because an agency is trying to protect the consumer? And I guess you obviously haven't been a victim of some scam.

Again, this is just my opinion. I respect your views but I think I disagree with some of your frustrations.

Cheers

That's a nanny state mentality...I had two account's overseas for years and never had a problem. Sure there are scammers and fly by night operators but that's life. Do your own due diligence and go with a reputable broker. It's as simple as that. The U.S. is supposed to be a FREE country and has done more in 235 years than any other country because we didn't have a goverment holding our hands and telling us what to do. We are changing for the worse meaning we are morphing into a European socialist model. I'm not moving anywhere I wan't to get this country back to what made it strong. It is you who should move if you want the goverment to take care of you...think about it

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  #4 (permalink)
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kbit View Post
That's a nanny state mentality...I had two account's overseas for years and never had a problem. Sure there are scammers and fly by night operators but that's life. Do your own due diligence and go with a reputable broker. It's as simple as that. The U.S. is supposed to be a FREE country and has done more in 235 years than any other country because we didn't have a goverment holding our hands and telling us what to do. We are changing for the worse meaning we are morphing into a European socialist model. I'm not moving anywhere I wan't to get this country back to what made it strong. It is you who should move if you want the goverment to take care of you...think about it

Come now,

Barney Frank and Obama and Nancy Pelosi and Harry Reid are in much better position to think for you and inform you of what you can and should do.

After all, they're more enlightened and educated than you, so they can dictate to you the ethical and moral philosophies you should follow.

In addition, they can tell you that you shouldn't drink, shouldn't smoke, shouldn't serve flavored milk to school children, shouldn't tan....

And so what ends up happening, is people draw a straight line from those seemingly sensible restrictions, RIGHT straight through to financial regulations and limitations.

People assume that because the FDA has their best interest at heart, that politicians and government bureacrats really are trying to protect them from fraudulent activity.

So skipping the philosophical (and legal) question of whether or not it's constitutional to determine what's safe and unsafe for Americans.....they automatically assume the government has the best intentions.

They couldn't conceive that these politicians are simply serving special interest groups that have a financial interest in keeping retail investors serving them in "regulated" markets.

It's all a racquet.

Why do I have to pay $100/month for 300 channels of cable, when I only watch maybe 10 of them? Because some lobbyist in Congress for the telecomm companies takes politicans to Costa Rica where they can cheat on their wives and go sport fishing. That's why.

I should be able to pick and choose which channels I want to purchase (it's called "ala carte"), but alas, the cable companies don't want that. They make WAY more money by forcing you to buy and subsidize a bunch of crap you don't need or want.

But hey the FCC, just like FINRA, just like the SEC, just like Treasury, and the FDA, the ATF, NHTSAA, etc, etc, etc.....they all have our best interests at heart.

This is exactly why the founding fathers intended for the primary operation of government to be performed at the state level and not the federal level. So we can keep tabs on corruption and conflicts of interest better. I cannot lobby my Congressman in Washington DC. But rich bankers and companies and industries surely can.

The next thing you know, they'll be telling people they can't go swimming in the ocean because some idiot drowns every week doing so.

It's coming, it's called socialism. They have no choice. When you socialize bad outcomes, the only way you can keep from going bankrupt is to limit bad outcomes, and that only happens through state "regulations" rules and restrictions.

Soon you won't be able to eat anything the government doesn't deem as "healthy" or acceptible....why? Because every swinging dick in America gets free healthcare, that's why. If you got rid of socialized healthcare, benefits and quit socializing bad outcomes...you'd let idiots be idiots and reap the rewards of their choices, decisions, lifestyles, etc.....and the rest of us could go on living our lives with significantly less government intrustion.

But hey, if some crack whore who has 4 children wants to have another child.....some liberal decides it's not the child's fault...so he/she shouldn't suffer so the rest of us taxpayers should have to pay for everything....the child's birth, formula, healthcare,....schooling...etc. No one ever stops to ask why the dumb ***** is having too many kids or how to encourage her not to be a baby factory.

Socialism has failed. We've seen it...it's already bankrupting Europe. It's just a matter of time here.

"A dumb man never learns. A smart man learns from his own failure and success. But a wise man learns from the failure and success of others."
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  #5 (permalink)
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RM99 View Post
Come now,

Barney Frank and Obama and Nancy Pelosi and Harry Reid are in much better position to think for you and inform you of what you can and should do.

After all, they're more enlightened and educated than you, so they can dictate to you the ethical and moral philosophies you should follow.

In addition, they can tell you that you shouldn't drink, shouldn't smoke, shouldn't serve flavored milk to school children, shouldn't tan....

And so what ends up happening, is people draw a straight line from those seemingly sensible restrictions, RIGHT straight through to financial regulations and limitations.

People assume that because the FDA has their best interest at heart, that politicians and government bureacrats really are trying to protect them from fraudulent activity.

So skipping the philosophical (and legal) question of whether or not it's constitutional to determine what's safe and unsafe for Americans.....they automatically assume the government has the best intentions.

They couldn't conceive that these politicians are simply serving special interest groups that have a financial interest in keeping retail investors serving them in "regulated" markets.

It's all a racquet.

Why do I have to pay $100/month for 300 channels of cable, when I only watch maybe 10 of them? Because some lobbyist in Congress for the telecomm companies takes politicans to Costa Rica where they can cheat on their wives and go sport fishing. That's why.

I should be able to pick and choose which channels I want to purchase (it's called "ala carte"), but alas, the cable companies don't want that. They make WAY more money by forcing you to buy and subsidize a bunch of crap you don't need or want.

But hey the FCC, just like FINRA, just like the SEC, just like Treasury, and the FDA, the ATF, NHTSAA, etc, etc, etc.....they all have our best interests at heart.

This is exactly why the founding fathers intended for the primary operation of government to be performed at the state level and not the federal level. So we can keep tabs on corruption and conflicts of interest better. I cannot lobby my Congressman in Washington DC. But rich bankers and companies and industries surely can.

The next thing you know, they'll be telling people they can't go swimming in the ocean because some idiot drowns every week doing so.

It's coming, it's called socialism. They have no choice. When you socialize bad outcomes, the only way you can keep from going bankrupt is to limit bad outcomes, and that only happens through state "regulations" rules and restrictions.

Soon you won't be able to eat anything the government doesn't deem as "healthy" or acceptible....why? Because every swinging dick in America gets free healthcare, that's why. If you got rid of socialized healthcare, benefits and quit socializing bad outcomes...you'd let idiots be idiots and reap the rewards of their choices, decisions, lifestyles, etc.....and the rest of us could go on living our lives with significantly less government intrustion.

But hey, if some crack whore who has 4 children wants to have another child.....some liberal decides it's not the child's fault...so he/she shouldn't suffer so the rest of us taxpayers should have to pay for everything....the child's birth, formula, healthcare,....schooling...etc. No one ever stops to ask why the dumb ***** is having too many kids or how to encourage her not to be a baby factory.

Socialism has failed. We've seen it...it's already bankrupting Europe. It's just a matter of time here.


You forgot about what kind of toilet and light bulb I have to use.

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  #6 (permalink)
Fortitudo et Honor
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kbit View Post
You forgot about what kind of toilet and light bulb I have to use.


Like I said, the more we socialize, the more the government has no choice but to control costs through modifying risky and expensive bahavior through regulations/rules, etc.

We've already seen it through cigarette and alcohol taxation....now we're seeing it with taxes on tanning salons.

Some Democrats have already proposed a $.01/ounce tax on soda.

if obesity and heart disease are a major factor in healthcare consumption (which they are), and the state and the people collectively are on the hook for the bill, it's only a matter of time before the state tries to control costs through behavior and choice modifications.

Sooner or later, there'll be excessive taxation on fatty foods.

The next step after taxation is restriction and limitation.

This is why cigarette companies cannot produce "flavored" cigarettes (they're even getting rid of menthol soon)....becaues the government feels you're too dumb and too succeptible to such tactics as flavored cigarettes and that being said...they'll just make the decision for you.

Of course, few people would argue that banning flavored cigarettes is any huge reduction in liberties. But what people don't understand...is that the government continues to chip away, little by little at our liberties, until eventually, they're telling you what you can and can't eat....what you can and can't do....etc.

My point was also that people draw a line from what seem like small and immaterial restrictions of our liberties (like light bulbs and toilets as you pointed out) straight to these other restrictions such as where and how a person can invest their money.

People automatically assume that Frank-Dodd was there to protect people. They don't ever assume it's to make American financial institutions richer.

"A dumb man never learns. A smart man learns from his own failure and success. But a wise man learns from the failure and success of others."
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  #7 (permalink)
Fortitudo et Honor
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The best solution would be for American liberals to take their balls out of their purse and grow up and realize that some people are just dumb and destined to hurt themselves...physical and financially.

It's our individual freedom and liberty to do our diligence and research and determine what's a safe investment and what is not.

The best approach would be to provide a "safer" and regulated sector that Americans are free to enjoy, but if someone wants to swim with sharks, that's their Constitutionally protected right to do so.

The second problem is that we don't ever prosecute those who break the rules. So we end up with a false sense of confidence about the regulated markets.

Look at J. Dimon. He's recently on the news for confronting The Bernanke about how new regulations, capital requirements and regulation uncertainty are part of what's holding up the recovery.

At the same time, his own firm has been proven and implicated in $BN's of crooked deals, ranging from commodities to bond auction fixing, etc.

Until we start sending these guys to jail or killing them, it'll continue and no amount of regulation will be effective enough (without having a negative, constricting effect).

In construction, if you're building a temporary handrail that doesn't meet OSHA requirements, it's even worse than no handrail at all. Because the shoddy handrail gives the worker a false sense of security, where if there was no handrail at all, they'd be more cautious.

"A dumb man never learns. A smart man learns from his own failure and success. But a wise man learns from the failure and success of others."
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  #8 (permalink)
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"Of course, few people would argue that banning flavored cigarettes is any huge reduction in liberties. But what people don't understand...is that the government continues to chip away, little by little at our liberties, until eventually, they're telling you what you can and can't eat....what you can and can't do....etc.

My point was also that people draw a line from what seem like small and immaterial restrictions of our liberties (like light bulbs and toilets as you pointed out) straight to these other restrictions such as where and how a person can invest their money."


Yeah, it's called incrementalism...You and I have long been disgusted and annoyed by this, as the years go by with more and more I keep wondering where the tipping point is where we get enough people to say "no more".
Do you think the founding fathers EVER envisioned the toilet and light bulb deal and all the rest of it ?

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