Are the SEC Cops Returning to the Wall Street Beat?
“The report that the SEC rejected a settlement with hedge fund manager Philip Falcone is welcome news for the American people desperate for a tougher SEC. Wall Street needs an effective watchdog, not a lapdog, which the SEC has too often been in the past. Only an SEC that enforces the law on Wall Street without fear or favor will end the Wall Street crime spree that has been going on for a decade now,” said Dennis Kelleher, President and CEO of Better Markets, a nonprofit organization that promotes the public interest in the financial markets.
“SEC Commissioners are to be commended for rejecting what appears to be an inadequate, favorable settlement. But, no one case, no matter how big or important, will change Wall Street’s behavior. Only a consistent pattern by the SEC of prosecuting the biggest, wealthiest and most well-connected firms on Wall Street and their senior executives will get Wall Street’s attention and actually deter illegal conduct,” Mr. Kelleher concluded.
Better Markets is an independent, nonprofit, nonpartisan organization that promotes the public interest in financial reform in the domestic and global capital and commodity markets. Better Markets advocates for transparency, oversight and accountability with the goal of a stronger, safer financial system that is less prone to crisis and failure thereby eliminating or minimizing the need for more taxpayer funded bailouts. To learn more, visit www.bettermarkets.com