SEC Needs The SEC

[ax]

This should fill us all with confidence:

A report by the SEC's internal watchdog alleges that the two SEC lawyers traded in stock of a large financial services company despite being told by another SEC employee of ongoing investigations of that company, CBS News reported.

http://news.moneycentral.msn.com/pro...514&id=9906555

It's nice to see our "watchdog" at work.

[Master Shake]

Re: SEC Needs The SEC

This should fill us all with confidence:

A report by the SEC's internal watchdog alleges that the two SEC lawyers traded in stock of a large financial services company despite being told by another SEC employee of ongoing investigations of that company, CBS News reported.

http://news.moneycentral.msn.com/pro...514&id=9906555

It's nice to see our "watchdog" at work.

No comments here and no media outrage as far as I can tell. I guess we're all inured to the corruption.

[ax]

Re: SEC Needs The SEC

No comments here and no media outrage as far as I can tell. I guess we're all inured to the corruption.

Meanwhile banks are issuing shares at fastest pace on record and insider selling is at a multi-year high.

[Slimprofits]

Re: SEC Needs The SEC

The SEC IG report was leaked to CBS News - their much more informative article:

http://www.cbsnews.com/stories/2009/...n5014672.shtml

[Slimprofits]

Re: SEC Needs The SEC

This should fill us all with confidence:

A report by the SEC's internal watchdog alleges that the two SEC lawyers traded in stock of a large financial services company despite being told by another SEC employee of ongoing investigations of that company, CBS News reported.

http://news.moneycentral.msn.com/pro...514&id=9906555

It's nice to see our "watchdog" at work.

I know you are being sarcastic, but it isn't this what should happen? The IG report says the FBI is investigating the case.

In theory, this should begin to fill you with confidence in the new SEC.

Not me though, I really don't trust anyone.

[ax]

Re: SEC Needs The SEC

I know you are being sarcastic, but it isn't this what should happen? The IG report says the FBI is investigating the case.

In theory, this should begin to fill you with confidence in the new SEC.

Not me though, I really don't trust anyone.

Not me either. After watching those Alan Grayson interviews, I'm more pessimistic than ever that our government is screwing us.

[HDLee]

Re: SEC Needs The SEC

U.S. Considers Stripping SEC of Power in Rules Revamp Bloomberg (hat tip reader Michael D). They want to shift its duties to....the Fed. The SEC has become more and more ineffectual over the years, but could be revitalized. The Fed is full of monetary economists who don't understand (and don't have much interest in) derivatives, among other things. They don't have have the skills or mindset to do criminal investigations.

from naked capitalism 20th May

:eek::eek::eek: the Fed ???

[Slimprofits]

Re: SEC Needs The SEC

The proposal, still being drafted, is likely to give the Federal Reserve more authority to supervise financial firms deemed too big to fail.

As poorly as the SEC has performed, this is a net positive for FIRE companies.

And this paragraph in the article explains exactly why that is so:

Opponents of giving the Fed more authority, such as former SEC chief Levitt, have said the central bank’s focus on keeping the financial system solvent may trump efforts to punish companies for violating securities laws.