CNBC reports that in the wake of missing billions and billions and billions of dollars in scams, despite being told point-blank they were going on, the Securities and Exchange Commission has decided to really take things up a notch re: cracking down. Mary Schapiro has stated that while the regulator likely won’t move toward taking some initiative on its own to find the thieves among us, it does promise to at least read the “tips and complaints” it receives from investors, before clicking delete and or sending those bad boys the the shredder. Got somethin’ to say? fraudthiefcrimetipsponzimadoff@sec.gov. Subject line: You Might Wanna Check This Out.
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Okay, so the Pickens interview wasn’t mind blowing. But was it necessary to interrupt for this “Breaking News”?
We all looked up thinking it must be important…”The SEC really means is this time” wasn’t quite what we expected. Boone should have just said, no problem, and fuck you very much.
CNBC is starting to embarrass the east desk. Kneale just started a question with, “I know you’re a Democrat pundit….”
Sounded like German radio in 1933, only change the “Democrat” to “Jew”.
pointless. soon there will be no equities left to regulate. way to go a$$holes.
Ridiculous; the fox is in charge of the henhouse. A friend of mine from Lb desperately tried to tell the SEC about reporting errors for several years only to receive a pro forma response, followed, I’m sure, by an explanatory call from Lb’s outside counsel to good old Linda Thomsen (check the phone records to compare the timing…that is something the SEC can do at least).
I heard they are going to pay someone 250,000 a year to watch Dealbreaker for tips.
First person they are going after is “guest”, for knowing that Citi would break a buck
SEC didn’t even catch Madoff; the guy turned himself in. Use confessions@sec.gov if you want action.
I want aaaaaaction tonight! Saaatisfaction alright!
Last summer (i.e. between the Bear Blow Up and Lehman/AIG/rest of world Slide) the SEC decided to visit a small (assets well below 50 billion) asset manager/bd with ten of their best and brightest. Stayed for 10 weeks – nary a slight was found.
Guess they were hiding. Guess they are still hiding.
President Obama – if you are listening … HELP!!
f’ing wall street rejects
I am a Jefferies analyst, what is an analyst?
On a drunken whiskey addled whim I decided to take a look at what it took to be an SEC examiner. What I saw while surprising should not have been. Even finding the qualifications via the application is a bureaucratic nightmare. There is some intermediary job placement firm and then what looks like pages upon pages of pointless minutia depending on what pay grade you aspire towards. No wonder I’ve noticed during audtits they tend to get the pure accouting types with weak communcation skills and even weaker understanding of the markets.
On the plus side I now receive spam (to my random gmail account) from all the firms the goverment sold my email address to.
-C
@11
Shocking, I know, when you hire people with no knowledge/experience you don’t find crap.
Also, as I pointed out @ FT Alphaville’s event @ the Paley Center a few weeks back, that the people who get paid $90k/year aren’t catching those who (stand to make) $9MM/year.
OK dealbreaker, Timmay needs help and fast. They need to appoint a co secy of the treasury, a guy from wall street with connections and a big education, like Jim Cramer. Then they need to get them a team, like twelve guys who can contribute something positive, maybe 6 from academia and the senate and the rest from the real world, business owners and such. look there are plenty of geniuses sitting around collecting unemployment, the prez ought to call on them to volunteer to help them out with this mess. Somebody out there has got to be able to help kash and carry and the team of geeks.
@Anal_yst
Agree, pretty much pervasive.
I disagree however as to pay being the culprit. I think it is more related to using the proper toolset and having the proper checks/balances and attitude. The top vendors in the OMS and Portfolio Accounting software space proabably make up 75% of everythng out there. Would it kill the govt to train some of their examiners on these systems so they can god forbid run their own reports isntead of trusting the piles of paper we shove in front of them to decipher?
Also perhaps a 3 year non-compete clause whereas the examiner cannot be associated in any capacity with a firm he/she has examined will keep them more apt to kick than kiss ass.
I’ll give you an example: more times than I wish to recall when I take my car out of the garage and park somewhere on the street in the city I’ll get some sort of ticket, even when I’ve made some effort to avoid it. I cant imagine the meter-maids making too much, but they make up for it equipment, training and attitude. Yeah we hate em, but they are a nesc. evil.
@14
There isn’t any ONE factor that needs improvement; a holistic approach is necessary. That is, you need to create an incentive structure (of which $ is a large component) conducive to effective enforcement, provide the tools necessary or at least likely to allow regulators to proactively investigate fraud (etc), and make sure they have the skillset with which to do so.
This is a gross oversimplification, but I think you’ll agree with the gist of it, no?