A REVAMP OF U.S. SEC
December 23rd 2008 00:00
Pic source: Wikipedia
I can appreciate what the veteran investors mean when they say that world economic conditions follow a cyclical pattern, but I also believe that had the people who were tasked to enforce the rules on financial dealings did their job the world economy will not be in such a mess that it is in now.
Forget the sub-prime mess, the collateralized debt obligations, the credit swaps, etc., maybe they are too complicated (though I doubt that very much) for the SEC guys to deal with, but failing to act on the Madoff case where there was even a ‘whistleblower’ and a pinpointed suspect that should be investigated is just too much.
They must have thought that the former Nasdaq Chairman was a candidate for sainthood or something for the SEC not to do anything about his questionable activities.
Okay, so they are undermanned… But they can’t investigate even just one high profile suspect?
Geees, and these Americans are all over the world trying to solve someone else’s problems. Let’s start solving the problems at home fellas!
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