Finally, the SEC will stop committing felonies

Or so we are told. And of course nobody will answer for the thousands of felonies that have been committed in the last few years.

SEC orders staff to stop destroying records

The SEC, which was accused this week of continuing to destroy investigative records in violation of federal law, on Wednesday directed its enforcement staff to stop purging the records at issue.

SEC general counsel Mark D. Cahn sent a memo to staff members saying they should stop disposing of documents from closed cases until further notice.

Notice the wording... SHOULD stop... aka... if you feel like it... if the documents will not incriminate any of our crooked friends, then you can stop, or whatever.

They said they stopped before but didn't...

Flynn first raised concerns about the destruction of certain enforcement records last year. In August 2010, the SEC assured the National Archives, which oversees federal record-keeping, that it had put a freeze on the practice.

But this week Flynn alleged that the illegal destruction of records extended beyond just preliminary inquiries, which were the focus of his original allegations, and that the misconduct was ongoing.

The action came one day after enforcement lawyer Darcy Flynn alleged that the SEC was routinely getting rid of records from formal investigations, including cases that were closed without enforcement action and those that led to either settlements or litigation with accused wrongdoers.

Felonies right there.

The SEC are a bunch of corrupt bastards, looking at porn all day instead of doing their job. If the SEC had done their damn job in the first place, the markets wouldn't be the nut houses they are now.

I agree, It wont ever stop though. As long as there is a taxpayer to fit the bill at the end of the day. All the cronies, friends and family scamming will continue. Meanwhile we fight over the scraps they throw us after their stomachs and coffers are full.

Originally posted by Vitchilo
The SEC are a bunch of corrupt bastards, looking at porn all day instead of doing their job. If the SEC had done their damn job in the first place, the markets wouldn't be the nut houses they are now.

I am definitely not one from the de-regulate everything school of thought. In fact, I believe that much regulation is absolutely essential considering the historical examples of careless, ruthless and destructive behavior that an all-out quest for profit can create. (Slavery, dumping toxic material into drinking water, hiring mercenaries to kill striking workers, child labor, etc, etc...)

However, the problems occur when you place foxes in to look after the hen-houses.

The regulatory agencies (not just the SEC!) have been infested with corporate shills who participate in blatant fraud and criminal behavior which favor particular commercial interests at the expense of everybody else.

The problem is not regulation, it is the fact that the agencies supposed to be upholding the laws are either given no teeth to fight back against these corrupt foxes, or, in many cases, are headed by people who are actively participating in (and profiting from) the criminal behavior.

Not that I don't trust the SEC (ahem!) but I won't be holding my breath for any judicial action against the blatantly criminally fraudulent banking CEOs just yet!

the Billmeister

Paper shredders are so 70s, nowadays we demolish buildings.

Maybe SEC should say this: SEC- SPECIAL EDUCATION for CRIMINALS

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