Word: sec
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...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 Wall Street or Main Street...
...three. Most recently, the vote to bring suit against what President Obama has implied as the center of all evil on Wall Street—Goldman Sachs—broke down to a vote of three Democrats against two Republicans. It was blatantly obvious to everyone that the SEC was politically motivated to bring this suit now so as to move the financial reform bill forward in the Congress. Whether true or not, that’s the perception—and we all know that people buy and sell stocks all the time based on perception and rarely...
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 sin of oversight with Madoff?) The SEC staff, like the traffic cop at the end of the month, must meet a quota for writing tickets—or, in effect, they must find some dirt on the companies they examine, whether it’s there...
...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 that it is illegal, and ties up the firms and the SEC’s legal apparatus for years. The only people getting rich here are the lawyers...
Beyond this, America needs an SEC that is independent and not politically motivated, with a staff that is well-educated and knowledgeable about the Securities Laws. Accepting this, I believe we have a chance at building an enforcement and rule-making regime that gives America the best chance to compete in the global capital markets of the 21st century...