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“When it comes to lying, cheating or stealing,” Cramer said Friday, “the SEC seems like it couldn’t care less.”
Think about it: The Securities and Exchange Commission has sanctioned harmful investment vehicles like ultra-short ETFs. It has eliminated the uptick rule, which protected the market from unscrupulous short sellers. The regulators gave Bank of America [BAC
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] a $33 million slap on the wrist for hiding $3.6 billion in bonuses for Merrill Lynch employees. And, best of all, the SEC let convicted Ponzi schemer Bernie Madoff run wild for year, bilking investors for billions of dollars.
Strange then that, despite all of this havoc wreaked on average investors, the government agency would race to ban flash trading. These are orders that allow sophisticated high-frequency traders with super fast computers to take advantage of other sophisticated high-frequency traders with slower computers. Believe it or not, Cramer said, “This is actually a part of the market that’s working.”
These technological advances have allowed for better transaction pricing. Investors now get more advantageous bids and offers thanks to these trading systems. They’ve helped to level the playing field for everyone, taking away the leg up that the big money has had for so long. And this is where the government takes a stand?
“What a comment on the SEC,” Cramer said. “I guess now we know what their priorities are.”
He called on the SEC to start “tackling the real issues” and keep the investing game fair. Holding the bad guys accountable wouldn’t hurt, either.
“Is that too much to ask?” Cramer said.
Cramer's charitable trust owns Bank of America.
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