Wednesday, August 17, 2011

The SEC as a Toothless Tiger

link here to article

The SEC has been given broader responsibilities by the Dodd-Frank bill. The GOP has responded by cutting the SEC's budget request that would enable it to perform its new duties. After reading this article (via Manan Shukla), I don't understand why the GOP has bothered to limit the work of the SEC. It has not done its job properly for the last 20 years or so. It even destroys the records that it obtains from investigations to determine whether to move forward on complaints that it has received. Moreover, SEC management punishes insiders who raise questions about its failures to perform its duties. It is apparently a toothless tiger, especially when it involves Wall Street banks.

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