Word: sec
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...Orman was lounging on the terrace of her San Francisco town house, wearing a leopard-print tunic and cowboy boots. She looked up and popped a grape into her mouth. "This is happening because of the lies and deceit and greed of Wall Street, the mortgage companies, the SEC, the Administration," she said, growing agitated. Her outlook on the economy is practically apocalyptic: Millions more jobs will be lost, the stock market will probably continue to drop, and things won't start to get better until 2015. "Shysters! They're all shysters!" she said. "I have said it over...
Markopolos has made several recommendations to the SEC, including moving the commission to the financial centers in New York and Boston, finding more trained "foxes" who know the business, the creation of a "super agency" that would have teeth, or the total disbanding of the agency and turning things over the New York Attorney General's Office and the Massachusetts Securities Division, which have "done a fantastic job and at an unbelievably low cost...
Then there's Laura Goldman, another lone voice in the wilderness of Wall Street enforcement. Goldman, who blew whistles on such notable investment frauds as First Jersey Securities, Bayou Hedge Fund and Lydia Capital, among others, now has the full attention of SEC Inspector Kotz's office. In all, Goldman says she has alerted the SEC over 30 times and, despite its cold shoulder, through one means or another she has seen 25 of those tips lead to fraud charges being filed...
...wish the SEC had listened to me earlier; I could have saved a lot of people a lot of pain and suffering," the Wharton School of Business-trained Goldman said from her home in Tel Aviv, where she runs her own money management firm, LSG Capitol. In her 25-year career she's worked at Merrill Lynch and Paine Webber...
...looks like a big focus will be in creating a new incentive structure so folks will come forward to the SEC when they know something," says Kotz. "We know people knew things about Madoff, but we don't know why they don't come...