Friday, August 21, 2009
New Improved SEC
"The [SEC] will give its attorneys more authority to speed up investigations and new tools aimed at winning the cooperation of Wall Street insiders, as part of a broader effort to overhaul an agency widely blamed for lax enforcement. ... The changes have drawn resistance from some attorneys in the agency, and will likely garner criticism from the business community, which has complained of an overly aggressive enforcement program. The SEC has opened 10% more investigations, granted 118% more formal orders, filed 146% more temporary restraining orders and filed nearly 30% more cases", my emphasis, Kara Scannell at the WSJ, 6 August 2009, link: http://online.wsj.com/article/SB124951229299109209.html.
The SEC enforcement shell game continues. The SEC greenlighted its enforcement staff to open more insignificant cases most of which it will close with the subject neither admitting nor denying the accusations. What a joke. "Overly aggressive enforcement program", hahahahha, the Mogambo Guru would say. Aimed at who? Even Forbes "gets it", my 9 December 2008 post: http://skepticaltexascpa.blogspot.com/2008/12/linda-thomsen-please-go-home.html.