Check out some of the background stories that have been leading up to this:

• Goldman Sachs Creates Private Stock Exchange for Unregistered Securities, Clients with $100 Million Minimum
• NASDAQ to Open Unregulated Private Stock Exchange for Investors with a Minimum of $100 Million in Assets
• Big Traders Dive Into Dark Pools

In other words, if you thought equities were a scam before, you haven’t seen anything yet. Ugh…

Snipped from the New York Times article: Treasury Dept. Seeks New U.S. Power to Keep Markets Stable

Under the Treasury proposal, the Federal Reserve would become the government’s “market stability regulator” and would be allowed to gather information from virtually any financial institution. Fed officials would be allowed to examine the practices and even the bookkeeping of brokerage firms, hedge funds, commodity-trading exchanges and any other institution that might pose a risk to the financial system.

“The Fed would have the authority to go wherever in the system it thinks it needs to go for a deeper look to preserve stability,” Mr. Paulson said in the advance text of Monday’s speech. “To do this effectively, it will collect information from commercial banks, investment banks, insurance companies, hedge funds, commodity pool operators.”

Source

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