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History has shown that nearly every attempt by the SEC to change or introduce an important new rule has been politically and emotionally charged thanks to entrenched SEC staff members who have been asleep at the switch for years, or commission members who are beholden to political interests. Sadly, as...
The SEC has always been ruled by commissioners appointed by the president. There are four commissioners, two Republicans and two Democrats, and a chairperson. The incoming president chooses two commissioners from his or her party. Once the commission is formed, the inevitable political bickering begins, with nary a beneficial outcome...
To those who deny that there are serious flaws with the current procedures for determining commission members, I ask that they seriously consider that the majority of important commission votes have ended up strictly along party lines—three-to-two or two-to-three. Most recently, the vote...
Today’s SEC is too political and a fiendish meritocracy. Underpaid and undereducated, the SEC staff and enforcement personnel must bring home the bacon to headquarters, or their jobs are on the line. (Was Shapiro’s deciding vote against Goldman intended to make up for her...
The above is not the case in today’s enforcement practices on Wall Street. Today, an SEC examiner comes to do an audit with a preconceived notion that there is something illegal happening. Then he or she finds something that isn’t illegal, forms the perception...