“The SEC has become “an agency that polices the broken windows on the street level and rarely goes to the penthouse floors,””
James Kidney, a lawyer who worked at the SEC for 18 years.
“[A]ccording to the SEC, over the last three years it has filed more insider trading enforcement actions than in any other three-year period in its history.”
“One of the hottest SEC rulemaking topics over the past two years—disclosure of corporate political spending—quietly took a significant hit a few weeks ago when the SEC removed it from its rulemaking agenda.”
Books That Matter
See what books the Project On Government Oversight is reading to learn more about nuclear weapon mishaps, government surveillance, militarized cops, wounded soldiers, Wall Street crashes and more in our 2014 Winter Reading List.
“The cavalier attitude of traders who are managing the savings and retirement funds of other people was unexpected and troubling to see. After Amaranth’s traders lost billions of dollars, while they were getting out of their remaining holdings, they tossed around a football, made jokes to one another and offered no apologies. Why pension funds continue to pour money into hedge funds, which charge enormous fees, have not beaten the performance of the S&P 500 index for years and which take enormous risks with clients money, is hard to understand.”
-Barbara Dreyfuss, the author of Hedge Hogs: The Cowboy Traders Behind Wall Street’s Largest Hedge Fund Disaster, in her Q&A with POGO.
Hedge Hogs also appears on POGO’s Books That Matter: 2014 Winter Reading List.