Wild NASDAQ Lawyer Edward Knight Vows to Nuke SEC Chair Mary Jo White
ED KNIGHT, NASDAQ GENERAL COUNSEL IS A NOTORIOUS RACIST
EDWARD KNIGHT, the brazen and racist NASDAQ Stock Market lawyer vows to nuke SEC Chair Mary Jo White and the Securities and Exchange Commission for stopping the NASDAQ from rigging the markets. The latest debacle set the stage for a nasty fight between the NASDAQ and the SEC over the Commission’s pending approval of IEX as a new stock exchange that would likely put an end to the NASDAQ’s years of market abuses. ED KNIGHT, (Address: 32 W. Irving Street, Chevy Chase, MD 20815) also notoriously known as BERNIE MADOFF’s lawyer when the Ponzi scheme master criminal Bernie Madoff was NASDAQ’s Chairman.
BREAKING NEWS: Slime ball lobbyist, NASDAQ fraudster EDWARD KNIGHT was sued for $250 million fraud, lies to FBI, SEC at center of case, says news release and Forbes.
Theoretically, securities markets work best as a central clearinghouse where all buyers and sellers of stocks come together. The New York Stock Exchange and the NASDAQ operate as virtual monopolies, raking in billions of dollars each year in profits.
EDWARD KNIGHT, NASDAQ, the two-headed “alligator,” crooked “regulatory immunity
For decades, the NYSE and NASDAQ are the most profitable “non-profit” organizations in America. They have firm grips on who are allowed to trade with them. Like toll collectors, they also dictate how much trading commissions they charge investors. When they are caught manipulating the markets, they are protected against lawsuits by claiming “regulatory immunity” as quasi-governmental entities. The crooked system is a two-headed alligator – a lottery and a government shield at the same time. The conflicting structure has landed billions in profits for the NYSE and the NASDAQ. In return, their senior executives get paid millions for ripping off investors.
The epicenter of America’s rigged markets is the NASDAQ, headed by EDWARD KNIGHT, a $100 million former Washington lobbyist. NASDAQ is a $10 billion publicly traded company run by Wall Street fat cats. NASDAQ General Counsel Ed Knight makes $15 million a year, flies on private jets and is notoriously known as “Mr. Fix” inside the NASDAQ. Ed Knight is NASDAQ’s “mad dog with rabies” – willing to bark at anyone to defend its turfs, including the courageous SEC Chair Mary Jo White, according to Business Insider.
America’s equity markets are broken. Individuals and institutions make transactions in rigged markets favoring short-term players. The root cause of the problem is that stocks trade on numerous venues attempting to seek out the best prices to match buy and sell orders. This market fragmentation allows high-frequency traders and exchanges to profit at the expense of long-term investors.
The unfairness of trading markets became a subject of intense focus with the publication in 2014 of Michael Lewis’s book “Flash Boys: A Wall Street Revolt,” which describes the way these markets are rigged in favor of high-frequency traders. Fortunately, Mr. Lewis provides a hopeful ending, predicting that the book’s hero, a trader named Brad Katsuyama, would save the day by forming his own exchange to serve real investors.
The NASDAQ “Game of Thrones” was abruptly stopped when a new stock exchange emerged: Mr. Katsuyama’s company, IEX (in which Yale University has a small indirect investment), has filed an application to become a national securities exchange. Exchanges are the key to price discovery — the determination of the true price of an asset — because the National Market System (NMS) requires brokers to route trades to the exchange displaying the best price. Right now, brokers and their larger exchange competitors can ignore IEX and other regulated alternative trading platforms, even if they display the best prices.
IEX, THE NASDAQ BUSTER
IEX has emerged as the “dragon slayer” and a formidable force to end the NASDAQ monopoly. The SEC Chair Mary Jo White and other commissioners welcomed the much needed change. NASDAQ however is mad as hell.
“IEX could put the NASDAQ out of business, jobs will be lost, ” wrote Ed Knight to the SEC. Whose jobs will be lost? Ed Knight’s $15 million a year paycheck could be significantly reduced if the IEX is allowed to rip apart the NASDAQ monopoly.
NASDAQ just went nuclear by threatening the SEC Chair Mary Jo White: In a letter to the US Securities and Exchange Commission, NASDAQ’s law firm, Gibson Dunn, said that the SEC could be sued if it approves IEX’s exchange status. Here is the Gibson Dunn letter on behalf of the NASDAQ:
“For all of these reasons, NASDAQ urges the Commission not to depart from its existing interpretation of Regulation NMS by authorizing artificially delayed response times for protected quotations, and further submits that the Commission lacks the authority to approve IEX’s application and to treat its intentionally delayed quotations as protected.
IEX responded to the NASDAQ letter: “The incumbent exchanges have lost the debate on the merits and NASDAQ’s latest salvo is more saber rattling in an effort to stave off competition at all costs.”
This isn’t the first time that NASDAQ has spoken out about IEX. Ed Knight has threatened IEX several times by accusing the new stock exchange of trying to “violate the core principle of Regulation NMS.”
The latest NASDAQ bullying of the SEC was in retaliation of the Commission’s landmark ruling against the NASDAQ in its wrongful delisting of a China-based company. In July 2013, the SEC Commissioners unanimously ruled against the NASDAQ for “fabricating evidence” and racial profiling and wrongful delisting of China-based CleanTech Innovations, Inc. The NASDAQ had delisted CleanTech in 2010 for violating a so-called “NASDAQ Spirit.” After a two year appeal, the SEC, led by Mary Jo White, told the NASDAQ to clean up its acts: “The ground on which NASDAQ had delisted CleanTech Innovations did not exist in fact,” concluded by the SEC as reported by Forbes.
Former U.S. Senator Arlen Specter sued the NASDAQ for fraud, racism and racial discrimination. Ed Knight was strongly rebuked by Mary Jo White for his racist remarks which were caught on the record: “…the 1.4 billion Chinese are cheating the NASDAQ.” NASDAQ staffer Michael Emen was fired and is dying from prostate cancer. NASDAQ’s head of new listing WILLIAM SLATTERY was caught lying to a rookie FBI agent Matt Komar, who was sued by the legendary Level Global fund manager David Ganek for fabricating evidence that destroyed his $4 billion hedge fund Level Global.