Monday, January 5, 2009
The SEC Dropped the Ball
It appears that the Securities and Exchange Commission has dropped the ball again. The Us economy is faced with its' greatest economis crisis since the crash of 1929, and the SEC has stood idly by and allow it to happen. Yet they have not claimed responsibility for their failure. Thus far they have done the usual, which is to point their finger at any, and everyone that they possibly can, but has failed to look at who their thumb is pointing at, themserlves. No mattteer how you slice it, the SEC has been grossly negligent in their regulation of the banking industry, and to allow this crisis to grow to the level where it is impacting every aspect of the US economy, makes me ask the question, why hasnt' anybody asked for the resignation of all the current SEC Commissioners, the resignation of the current heads of the SECs' Mareket Regulation, and Enforcement Divisions. Chairman Cox was an obvious target, but he does not coordinate the daily activities of the SEC Staff. Somebody should be held accountable below Cox, if this situation involved a failure of this magnitude by a firm, the SEC would ask for across the board executions, why are they exempt?.
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Very interesting post. Can't wait for the next one!
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