Mary Schapiro, Chairwoman of the Securities and Exchange Commission, announces that the SEC is filing civil fraud charges against the Reserve Primary (money market mutual) Fund, for not disclosing to its investors RPF’s vulnerability to the Lehman Brothers (investment bank) bankruptcy eight months previous.

       NOTES:

• The editors strongly disagree with this course of action as a pursuit of justice.  Any award granted by the Federal courts will be paid to the Federal government, and not investors.  A fine of any sizable amount against RPF will further depress the already depreciated investment of shareholders.  The SEC took no risk, and did not invest anything into RPF; the SEC is not entitled to recoup compensation for fraud—the investors are.
• This latest in another unbroken chain of failures by the SEC—Enron, Viacom, Tyco, Madoff (with your money), et cetera, and now RPF—is another example why the unlawful SEC is useless as a tool to protect the integrity of the nation’s securities market.

       [added 11/14/2021] Thanks to Freedom’s Phoenix for this entry.

       Democratic (socialist/fascist) CONgressman Alan Grayson, of the confederate state of florida, asks Elizabeth Coleman, Inspector General of the privately owned Federal Reserve System of (central bank) Banks, what did she know of allegations that the FRSB has made trillions of “dollars” in off-balance sheet loans?  Was she aware of who received these loans?  To these Questions and several more, Coleman claimed to have no idea what was going on.

       NOTE: This is the further realization of plank number five of the “Communist Manifesto” by Karl Marx.

       [added 11/14/2021] Thanks to Rusty McCalley for this entry.