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Nofsdad


Joined: 06 Jul 2003
Posts: 8380
Location: Central CA
Posted: Mon Jun 01, 2009 5:01 am    Post subject: Suspicions not quite confirmed but getting there  
For a while now some of us have been speculating on the reasons the SEC has been so lax in its enforcement duties, another major factor in the financial meltdown that say huge corporations making raids on the taxpayers for sums of money that can't even be comprehended by a normal working stiff.

Turns out the SEC's woodpile had a skunk or two in it. Some things are just coming to light from the Chris Cox days... remember him DR?
In Cox Years at the SEC, Policies Undercut Action
Quote:
After Cox became SEC chairman in mid-2005, he adopted practices that undermined the enforcement division's efforts to investigate cases of corporate wrongdoing and punish those involved, according to interviews with 19 current and former SEC officials.

But it was going on in every other regulatory agency at the time. Why should this be any different?
Quote:
During Cox's tenure, investigators who wanted to subpoena documents or compel interviews faced an increasingly cumbersome process to win the commission's approval for each case, according to current and former agency officials.

Cox also required enforcement officials to see the commissioners before approaching a company about a civil settlement. In several high-profile cases, when SEC lawyers were ready to ask the commission to authorize lawsuits or approve settlements, Cox postponed the decisions at the last minute, leaving cases unresolved for months, the sources said. At times, as in the Biovail case, the commission eventually weakened the sanctions sought by the enforcement division.

Quote:
But a backlog of financial crime cases continues to slow the enforcement division as Schapiro tries to turn more of the agency's attention to abuses linked to the financial crisis, SEC officials said. The agency is still working to reinvigorate its dispirited enforcement ranks.

Well, ratbags!! Looks like Lampert is still gonna get a walk. Wink
Quote:
Most former and current SEC officials spoke on condition of anonymity because they were discussing confidential legal matters or were not authorized by the agency to comment. But in a report last month, the Government Accountability Office, after interviewing many enforcement lawyers, concluded that the SEC penalty policies in 2006 and 2007 "led to less vigorous pursuit of corporate penalties, may have made penalties less punitive in nature and could have compromised the quality of settlements."

Which again was SOP for every regulatory agency during the period 2000-2008. It's simply the way they all did business. You can find IG reports and GAO links to most of the scandals right here on this little forum.

There are three pages of info at the link... nothing really new or surprising since we all knew that Cox was firmly in the pocket of big business but it provides some perspective as to just what a douche bag he really was.
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dictators_rule


Joined: 08 Jul 2003
Posts: 6309
Posted: Tue Jun 02, 2009 2:44 am    Post subject: wTF what conflict  
2005 ??? , your dates are more accurate than ' since 2005 '. If nothing else Sears should've gotten smoked after the October 2002 credit fiasco. The Kmart bankruptcy and takeover should've been pursued as vigorously as it is now.WTF

I keep on hearing reports of how many ex SEC lawyers now work for the corporations which is fine work where ever but the SEC needs to recuse their lawyers if they think there is any conflict. But thats the whole problem with business as usual for the good ole boy club with these corporations. It's about developing a network of WHO you know and NOT a knowledge base of WHAT you know.

Many of these SEC execs aint nothing but what many a corporate exec is - a professional pen/bureaucrat that will sign off on just about anything .
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