James Kidney, a trial attorney who joined the SEC in 1986, retired this month. He had a farewell party and made some remarks. He said the SEC bosses were too “tentative and fearful” to go after many Wall Street leaders following the 2008 crisis. According to Bloomberg, Kidney said the SEC has become “an agency that polices the broken windows on the street level and rarely goes to the penthouse floors. On the rare occasions when enforcement does go to the penthouse, good manners are paramount. Tough enforcement, risky enforcement, is subject to extensive negotiation and weakening.” The agency’s penalties, Kidney said, have become “at most a tollbooth on the bankster turnpike.”
Then he said something that every citizen should remember: Kidney said his superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases. That is, the regulators were regulating people they saw as their future employers.
Could it possibly be worse?
Then he said something that every citizen should remember: Kidney said his superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases. That is, the regulators were regulating people they saw as their future employers.
Could it possibly be worse?
No comments:
Post a Comment