by Dave Kranzler, Investment Research Dynamics:
Retired SEC lawyer James Kidney: ”Kidney said his superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases. The agency’s penalties, Kidney said, have become “at most a tollbooth on the bankster turnpike.” Bloomberg link
This retired lawyer from the SEC came out and essentially admitted that the SEC does nothing except apply window dressing with respect to enforcement of securities laws. Of course, it’s not like this guy split the atom for the first time with this revelation.
The SEC has been nothing but a lap-dog for Wall Street for years. Everybody who gives a rat’s ass about this issue already knows that. The current head of the SEC, Mary Jo White, was the chief legal defense bull-dog for Jamie Dimon and JP Morgan at Debevoise & Plimpton. Putting her in charge of the SEC is the equivalent of putting a serially convicted pedophile in charge of Kindercare.
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