NEWS: Why the SEC Won’t Hunt Big Dogs

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SUNDAY, OCT 30, 2011| 1 comments

Why the SEC Wonâ€™t Hunt Big Dogs

After years of lengthy investigations into collateralized debt obligations, the mortgage securities at the heart of the financial crisis, the S.E.C. has brought civil actions against only two small-time bankers. But compared with the Justice Department, the S.E.C. is the second coming of Eliot Ness. No major investment banker has been brought up on criminal charges stemming from the financial crisis.

To understand why that is so pathetic and -- worse -- corrupting, we need to briefly review what went on in C.D.O.'s in the years before the crisis. By 2006, legions of Wall Street bankers had turned C.D.O.'s into vehicles for their own personal enrichment, at the expense of their customers.

These bankers brought in savvy (and cynical) investors to buy pieces of the deals that they could not sell. These investors bet against the deals. Worse, they skewed the deals by exercising influence over what ...

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10/30/11 2:35 PM

Jim Lincoln

| Nebraska

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Proverbs 20
23 Differing weights are an abomination to the LORD, And a false scale is not good.---NASB

It was during the reign of a so-called Christian President, (Enron Bush) that SEC was allowed to remain sloppy. As I said perhaps new regulations were necessary, but what difference will they make if they are no better enforced than the old?

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