Yesterday, a retiring 38-year veteran trial lawyer’s remarks shone a brigher light on the farce that the SEC has become in recent years. The SEC has become “an agency that polices the broken windows on the street level and rarely goes to the penthouse floors,” Kidney said, adding that 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.” As the full letter below shows, he had a lot more to add on just how the toothless agency should be run…
“The only other item I want to be serious about, besides some personal observations in a minute, is the metric of the division of enforcement: number of cases brought. It is a cancer. It should be changed.
The metric we have now is built into the soul of the Division. It has to be removed root and branch“
His concluding questions leave management mouths open…
“Are we so sure that our own domestic corporations and audit firms are law abiding that we can spend vast quantities of staff time and taxpayer money worrying about firms in other countries because a handful of ADRs are sold on U.S. markets?
Are we so paralyzed by the organizational stovepipes we have created and made more and more of that we can’t flood the zone on important cases instead?
Do we have to preserve bureaucratic organizational boundaries by sweating the minutiae just so each organizational unit can claim to have enough to do to protect some manager’s turf?”
Kidney’s Full Retirement Comments below:
via Zero Hedge http://ift.tt/1lRdaMH Tyler Durden