Edit Draft SEC Starts Going After ETFs... With A Job Search For Someone Who Actually Knows What An ETF Is

Yesterday we reported [9]that following the SEC's long overdue porn-laced sabbatical, the "regulator" has launched a massive fact-finding and enforcement-information gathering mission to not only curb those vile HFT frontrunners, but is also seeking to cut off momentum accentuating strategies such a ETFs, aka synthetic stock CDOs, at the knee. This is great, there is only one problem: the SEC has no clue what an ETF is. But all that is about to be remedied. As the attached job search notice indicates, the regulator will generously spend between $126,661 and $198,333 of taxpayer money to finally get someone who actually knows something about basket creation, gamma, convexity, and the 3:30pm daily ETF-induced market ramp. The preamble: "Do you want to perform challenging work in a collegial environment, while enjoying quality of life and a competitive compensation package? Invest in your career at the U.S. Securities and Exchange Commission (SEC)!" Note: not one mention of non stop midget porn: truly a politically correct development.  And since the position is for a senior special counsel, you can bet, lots and lots of money, that the SEC is about to start suing everyone in the ETF space. Starting with such Wall Street visionaries as Larry Fink... who also happens to run Wall Street. We just can't wait.

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