The SEC pretty clearly currently sees it job as running interference for Wall Street against the Federal government, becoming an agency that protects rather than regulates Wall Street. The degree to which the SEC studiously avoided investigating Bernie Madoff is one prime example, but the trend continues.
Eric Zuesse has an article in Counterpunch that the SEC is simply corrupt. He spells out the evidence in detail.
Robert Schmidt’s article in Bloomberg News spells out the case an SEC prosecutor made in his retirement speech against SEC leadership. That article begins:
A trial attorney from the Securities and Exchange Commission said his bosses were too “tentative and fearful” to bring many Wall Street leaders to heel after the 2008 credit crisis, echoing the regulator’s outside critics.
James Kidney, who joined the SEC in 1986 and retired this month, offered the critique in a speech at his goodbye party. His…
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