So what happens when your federal agency get publicly skewered with the most detailed, scathing (and likely accurate) verbal disemboweling this side of a re-run of “The Equalizer?” Why, you get double digit budget raises, of course.
The Securities and Exchange Commission is expected to receive a 13% funding boost next year, bringing its 2010 budget to about $1.02 billion.
The boost comes after several years of static funding levels and at a time when the SEC has been criticized sharply for inadequate oversight of the markets and enforcement of securities laws.
The administration said the SEC would use the additional funding to increase staff and its use of technology to “pursue a risk-based, efficient regulatory structure that will better detect fraud and strengthen markets.”
SEC May Get 13% Funding Increase [The Wall Street Journal]
comming to get you
waste of money
gotta fund that FINRA level of executive compensation somehow…
$change$ you can believe in
SEC needs TARP funds…..
Raises for staff???? 2009 is not over yet, and all of the crooks have not been caught…..
We are so SEC F#cked…….
these guys are getting smarter by the day….
So, are they gonna try to actually hire someone who has even a elementary knowledge of finance, accounting, etc now?
We need to give the SEC a chance to redeem themselves. We are giving the same chance to the banks. I say we make a $15bn preferred investment in the SEC with a 5% dividend.
More money always yields better results, especially when it comes to the gubmint.
Always.
Nothing left for Shapiro to do now but take the senior staff to Vegas for some team building exercises!!!!
Schwinggggggg!
How to turn lemons into lemonade
OR
How we totally missed the boat on the past 5 years and still got a raise!
I don’t have a problem with this. Define the shit and publicly shame them, flush the shit down down the toilet, hire some mean motherfuckers with a “fuck you or fuck you harder” attitude, and give them the capital and resources needed to bring the pain. I like it. Come to Jesus -CTJ- is my favorite day of the week.
SPODE
You mean they would caught Madoff if they’d had more money? It’s the culture that needs to change and throwing $ at the SEC is no different than throwing dollars into banks’ orifices. Turbo Tax Tim is going to change the culture, right?
Sorry…forgot the sarcasm alert for my post.
Please tell me somewhere in that American Recovery Act there’s a line item related to prostitute funding. They gotta eat too.
more money = more idiots
How many people here got recognized the picture as being from the show before reading the text. Nice work EP.
The Equalizer. Now there’s an obscure pop culture reference.
Loved the Stewart Copeland theme song!
@18,
agreed. that lit up some old gray matter.
@Anal – “Risk-based, efficient structure.” They’re going to hire all the now-unemployed quants!
But to answer your question, no, no one who understands finance or basic accounting. Don’t worry, I’ve got this great risk model right here…
I have a feeling quite a few of us will end up working at the SEC (or Treasury or IRS) before this clusterfuck is over.
The thought of being able to wear ridiculous shit like fedoras and square ties to work would be sort of fun, unfortunately I’m not super stoked to think that I might actually get drug tested.
Oh well. No more 2-CB binges, I guess.
*crying hysterically*