The SEC has been Caught Colluding with Big Banks. Congress Needs to Investigate.
From Ring of Fire:
The Securities and Exchange Commission (SEC) is the government watchdog charged with oversight and policing Wall Street and the Big Banks. For years, it has been suspected that the SEC is less a watchdog and more of a trained housepet of the Big Banks. Now, that theory has been proven as Felix Salmon, finance blogger at Reuters, reports that the SEC has been caught colluding with banks of CDO prosecutions.
“Once again, the SEC has demonstrated fraud is cheep,” commented Peter Mougey, a partner with the Levin, Papantonio law firm and director of the firm’s business torts and securities litigation departments. “Most disturbing is the fact the SEC lied to the public about its results. The SEC made it appear it was settling one case for a substantial sum of money when in fact, Goldman was able to clean up dozens of investigations for the price of one. Whatever confidence we had in the SEC, which was not much to begin with, is now gone.”
The information was revealed via a Freedom of Information Act request filed by American Lawyer. The information gained indicates that the SEC colluded with Goldman Sachs regarding collateralized debt obligations (CDOs) in 2010.
...[More].
You can read the full article here at Ring of Fire.
= new reply since forum marked as read
