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If you suddenly hear snoring on Wall Street, Jim Cramer thinks there's a good chance you've run into the SEC.
The "Mad Money" host believes the very people who are supposed to keep investors safe have effectively fallen asleep on their watch.
Cramer pines for the SEC under Arthur Levitt, who chaired the commission from 1993-2001. During Levitt's tenure Cramer said the objective of the SEC was "to give the little guy a break, to level the playing field, to make the market safe for the individuals."
That Cramer believes led to great prosperity for everyone.
However, in more recent years, Cramer believes the various SEC chiefs seemed to shun individuals in favor of major brokerages and Wall Street heavy hitters.
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In recent years, "The SEC has supported all kinds of financial innovations, such as high frequency trading, that have made the market more volatile," said Cramer. And he added they've repealed measures such as the uptick rule that used to protect the market from manipulation.
That Cramer finds outrageous.