1. Your Questions About Commodities Futures Trading
Commission
Steven asks…
What does it say about Obama's judgment by appointing Mary
Schapiro to be the next head of the SEC?
Schapiro, who was previously chairman of the Commodity Futures Trading Commission and
an SEC commissioner, currently oversees the Financial Industry Regulatory Authority, the
watchdog that supervises nearly 5,000 U.S. brokerages. Yet, she failed to detect or uncover the
$50 Billion Ponzi scheme run by Bernie Madoff. Does her failures now qualify her for the
promotion to SEC chair in Obama's estimation? This is change we can believe in?
Steve Winston answers:
Even before he got elected, I always said he had poor judgment and no real accomplishment.
Of course with all the loud chanting of "change and hope", no one cared! Now we are stuck with
this inexperienced president who will make mistakes and not learn from them.
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2. Helen asks…
where to find legal regulation info for public and private offerings
in US?
I know SEC regulation D is related. How about federal security act? Civil law? Business law?
State law? Commodity Futures Trading Commission ? National Association of Securities
Dealers? I would like everything related to shareholders right within this context. thank you.
Steve Winston answers:
Www.findlaw.com
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3. Linda asks…
Why do the dems and media keep talking about the banks being
deregulated. They've been regulated for decades?
Wall Street, the financial industry already answers to a host of regulators, including the Federal
Housing Finance Agency, the Commodity Futures Trading Commission, the Federal Deposit
Insurance Corporation, the Federal Reserve, the Office of the Comptroller of the Currency, the
Office of Thrift Supervision, and, not least, the Securities and Exchange Commission all
regulate banking and or Wall Street. almost all financial legislation, such as the Federal Deposit
Insurance Corp. Improvement Act of 1991, adopted after the savings and loan collapse in the
late 1980s, significantly tightened the regulation of banks.” In other words, we’ve had
regulation, not deregulation.
While Gramm-Leach-Bliley did facilitate a number of mergers of the financial-services industry,
it did not get rid of restrictions on on traditional depository banks’ securities activities. it
was investment banks, such as Lehman Brothers, that were at the center of the crisis, and they
would have been able to make the same bad investments if Gramm-Leach-Bliley had never
been passed.
So why the misinformation
Steve Winston answers:
Because they want more control, the answer for them is simple, more regulation. Why dont we
regulate the gov't though, if the gov't was regulated we could have avoided the ft. Hood
shooting, regulations simply do not work
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4. George asks…
Do some people think it is not the role of the federal government
to protect it citizens?
Do they want to abolish all government regulatory agencies ?
Partial list:
Animal and Plant Health Inspection Service (APHIS)
Army Corps of Engineers
Bureau of Alcohol, Tobacco and Firearms (ATF)
Commodity Credit Corporation (CCC)
Commodity Futures Trading Commission (CFTC)
Consumer Product Safety Commission
Department of Veterans Affairs (VA)
Drug Enforcement Administration
Employment and Training Administration (ETA)
Employment Standards Administration (ESA)
Environmental Protection Agency (EPA)
Equal Employment Opportunity Commission (EEOC)
Farm Credit Administration (FCA)
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5. Federal Aviation Administration (FAA)
Federal Communications Commission (FCC)
Federal Deposit Insurance Commission (FDIC)
Federal Election Commission (FEC)
Federal Energy Regulatory Commission (FERC)
Energy Efficiency and Renewable Energy (EREN)
Federal Highway Administration (FHA)
Federal Maritime Commission (FMC)
Federal Railroad Administration (FRA)
Federal Trade Commission (FTC)
Food and Drug Administration (FDA)
Nuclear Regulatory Commission (NRC)
Securities and Exchange Commission (SEC)
http://answers.yahoo.com/question/index;_ylt=AuLht8NJHbkqdMf4sdbH.4Xsy6IX;_ylv=3?qid=2
0100314074421AAS5eSh
Steve Winston answers:
Most of them are there to protect us against something that doesn't always have our best
interests at heart. Big Business and it's products and services.
5/7

6. Ruth asks…
Does Monex have a legal claim against me and be able to put this
on my credit report?
Ok so a month ago I thought I would buy some precious metals to help guard against inflation. I
called Monex to order some because I recognized their name. I was put on the phone with a rep
and placed my order in what they call their "trading room." I was to wire my funds to them
within a few days. They have a recorded call of me agreeing to the purchase. At no time was I
told that I would be liable for any losses if I did not follow through on the purchase. At no time
did I sign any agreement that I would be responsible for any losses if I did not complete the
purchase.
After the call I did a search on Monex and found that they have an "F" rating at the Better
Business Bureau, the IRS is suing them for $400 Million for tax evasion, and in 1991 Monex
was ejected from the National Futures Association by the Commodities Futures Trading
Commission for fraud.
When I learned this I had serious doubts about wiring them thousands of dollars. I doubted
whether they would ever deliver or make a timely delivery of the metals. I called to tell the rep
that I did not want to proceed with the order. He told me that they were going to charge me
several hundred dollars in losses that they lost on the trade. I thought this was BS since I just
called to place an order and canceled my order. They have now sent me a bill for several times
more than what the rep told me and have put it into an account that is charging me 7.5%
interest on the unpaid funds.
Do they have a case? Can they put this on my credit report? They are charging me a lot of
money along with the high interest rate, both which seem to be arbitrary.
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7. Steve Winston answers:
Write a formal letter and tell them you cancelled the order because their sales representative
omitted material facts about their reputation, reliability, and their ability and willingness to timely
deliver the goods as ordered, to whit:
-- "F" rating from BBB
-- IRS suit against them for tax evasion
-- [itemize everything].
Tell them that if they pursue collections, interest, derogatory credit reporting or any other action
that may tend to harm you or your credit rating, you will file a formal complaint with your state's
Attorney General, Consumer Protection Division.
At the bottom of the letter (be sure to use proper business-letter form & print on your
letterhead), put "cc: Attorney General, State of ___, Consumer Protection Division" -- you'll find
the address in your state's capitol in the "blue pages" (govt listings) of your phone book, or call
your state's main govt infoline for the name and address of the Atty General of your state, the
address, fax, etc. Fax the copy of the letter to the AG; use a courier (FedEx, UPS) or delivery
confirmation from the USPS so that you have tracking & proof of delivery of the letter to Monex.
Let the AG take a big bite out of their butts. FOLLOW THRU!
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