Retired SEC lawyer James Kidney: “Kidney said his superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases. The agency’s penalties, Kidney said, have become “at most a tollbooth on the bankster turnpike.” Bloomberg link
This retired lawyer from the SEC came out and essentially admitted that the SEC does nothing except apply window dressing with respect to enforcement of securities laws. Of course, it’s not like this guy split the atom for the first time with this revelation.
The SEC has been nothing but a lap-dog for Wall Street for years. Everybody who gives a rat’s ass about this issue already knows that. The current head of the SEC, Mary Jo White, was the chief legal defense bull-dog for Jamie Dimon and JP Morgan at Debevoise & Plimpton. Putting her in charge of the SEC is the equivalent of putting a serially convicted pedophile in charge of Kindercare.
Does anyone remember when Obama put that 29 yr. old kid from Goldman Sachs in charge of the enforcement division of the SEC? Good job Barack. And then it was revealed that many SEC rank and file spent more time surfing porn than doing their job. Again, Mr. Kidney there didn’t exactly invent plutonium with his newest revelations.
I was discussing today’s press release with a colleague, who was happy that the issue was getting media attention. But I had to point out that a Bloomberg news report is only seen by an audience that already knows that the SEC is useless in its enforcement duties. In fact, the SEC enables Wall Street’s fraud and corruption.
Most of the country probably is aware that our entire system is deeply corrupt. But the interest in news and truth for the majority does not go beyond missing planes or the marital status of Hollywood starlets.
The truth is our system is rotten to the core and the marriage between Wall Street, corporate America and the Government is nothing more than the natural life-cycle of a collapsing system.
The only lesson we’ve learned from history is that we don’t learn the lessons of history.