• 26 Sep 2008 at 3:26 PM

SEC: Goin’ Out On Top

By

The U.S. Securities and Exchange Commission is ending its program to supervise large independent investment banks now that the five participants have collapsed or reorganized.
The announcement Friday coincided with criticism by the SEC’s inspector general of the agency for failing to properly supervise broker dealer risk assessments in a program run by the Division of Trading and Markets.

Stage direction: SEC officials mount their horses, tip their hats, and ride off into the sunset. Pan back to show village burned to the ground and citizenry slaughtered, voiceover by Wilfred Brimley waxing poetic, “They did what they came to do. Their work here was done.”
SEC ends program to oversee investment banks [Reuters]

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    Comments (14)

    1. 1
      Posted by guest | September 26, 2008 at 3:35 PM

      Meaning if at some point in the future, MS or GS wants to convert back to the investment banking structure…they cant?

    2. 2
      Posted by guest | September 26, 2008 at 3:42 PM

      Anytime an SEC auditor who knew what a second-derivative was showed up an an investment banks, he or she was offered a job their gov’t comp.
      Same thing with the FSA in England.
      A classic example of negative selection and why government supervision of investment banks was a useless idea anyway.

    3. 3
      Posted by guest | September 26, 2008 at 3:46 PM

      Bess == Great Chinese Firewall.
      No more mayo?

    4. 4
      Posted by guest | September 26, 2008 at 3:50 PM

      takeareport finished as of 9/28 – that makes me more sad than losing money

    5. 5
      Posted by guest | September 26, 2008 at 3:51 PM

      @ 1
      You are new here right?

    6. 6
      Posted by guest | September 26, 2008 at 3:56 PM

      I LOVE HOW BUSH SAID THE OTHER NIGHT THE ADMINISTRATION BANNED SHORT SELLING BECAUSE INDIVIDUALS WERE USING THE TECHNIQUE FOR PERSONAL GAIN.
      WELL RETARD, DON’T PEOPLE GO LONG FOR PERSONAL GAIN!!??
      DUMBEST MAN I HAVE EVER SEEN. BUSH IS SUCH A MORON. HIS PRESIDENCY CAN’T END SOON ENOUGH. MY GLOBAL FRIENDS CAN’T WAIT EITHER.

    7. 7
      Posted by RAW DOG | September 26, 2008 at 4:02 PM

      @6 – Yes!! You’re back. Mr. ALL CAPS is back everyone. Yippie, what genius!

    8. 8
      Posted by diablo | September 26, 2008 at 4:03 PM

      OK,
      Shitty and WB in talks?
      What happened to Sachovia?
      Well, I do now believe the Shitty Group/WB rumor. Something has been cooking this week.

    9. 9
      Posted by guest | September 26, 2008 at 4:09 PM

      @6 Inside voices please.

    10. 10
      Posted by guest | September 26, 2008 at 4:11 PM

      DON’T YOU KNOW IT IS THE LAW IN THIS COUNTRY – WE GO LONG FOR LOVE OF COUNTRY.
      SHORT SELLERS – ARE SOON GOING TO BE LABELLED “ENEMY COMBATANTS” AND END UP AT GITMO W/O ACCESS TO THEIR BLOOMBERG TERMINALS.
      The amusing thing about the short seller ban is that the institutions that demanded it are now markteting a synethtic means to short the stocks that were banned.

    11. 11
      Posted by guest | September 26, 2008 at 4:23 PM

      Mission accomplished.

    12. 12
      Posted by guest | September 26, 2008 at 4:28 PM

      @10
      Bingo – hes raped the country. What do you think the fallout will be?

    13. 13
      Posted by guest | September 26, 2008 at 4:29 PM

      WHARTON.

    14. 14
      Posted by Anal_yst | September 26, 2008 at 5:18 PM

      diabetes

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