The situation is we now know the regulator is a total dud, the government have admitted it and stated we will get a "new" regulator who can do the job!
I mean you cannot expect anything more clear as a public statement..
I would add that we have known this for years and it is a joke for anyone to pretend it's about to get better anytime soon?
This raises the Joe Biden question. If he was incapable to lead the USA last week, last year etc...who will agree to him leading America for 4 years, possibly into into a war??? They will be burnt toast if it goes wrong.
What to do about the unregulated ASX in the meantime? The current regulator just cannot regulate it, we know that.
*One - close it down (unlikely but not impossible)
*Appoint an administrator to run it for a year -paid for by taxes on big transactions..
*Make a special task force to scrutinize all trading going forward at least 1 year, and the FULL WEIGHT OF THE LAW to come down on any broker firm guilty of conspiracy to trade one inch outside the rules - with emphasis on short selling and naked short selling.
*For good measure recruit ex broker staff to come on board as whistle-blowers.
That's all.
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