SEC Celebrates as One of Its Greatest Failures Is Brought to Justice
Coming on the heels of Bernie Madoff's sentencing, the Securities and Exchange Commission (SEC) celebrated its 75th birthday party last night with a $250 per person dinner at the National Building Museum. According to Politico, the shindig was hosted and paid for by the SEC Historical Society, a 501(c)(3) nonprofit group that seeks to "contribute to the understanding of how the SEC has shaped and continues to shape U.S. and international capital markets." The menu sounded fantastic, but the donor list is less then appetizing. For instance, Politico lists Standard & Poors, the highly criticized credit rating agency, as one of the table sponsors.
To the SEC Historical Society's credit, their annual reports are quite transparent. Among the major donors listed in their 2008 report are T. Rowe Price Associates Foundation, Lehman Brothers, Goldman Sachs, Vanguard, and many law firms that represent clients against the SEC. Serving on their Board of Trustees in 2008 was the then-head of FINRA and current Chair of the SEC Mary Schapiro. Joining her on the Board are many private lawyers who started at the SEC, including the General Counsel of the Charles Schwab Corporation, the General Counsel of Duetsche Bank, and the Vice Chairman/Chief Legal Officer of a hedge fund valued at over $7 billion. Also listed on the Board is David M. Becker--formerly of Cleary Gottlieb Steen & Hamilton LLC--the newly appointed SEC general counsel and senior policy director.
In addition to raising concerns about the revolving door and conflicts of interest, POGO thinks this party is a perfect example of a regulatory agency getting too close to the industry it oversees (it also brings to mind a 2006 holiday party thrown by lobbyists and defense contractors for former Rep. Tom Davis). It's certainly a good way to keep the old boy network contact list up-to-date.
-- Eric Orenstein
BUILDING ON 311: Police misconduct incident tickets should be sent to the FBI, and to Congressman from where the call had originated.
Posted on: Jul 08, 2009 at 09:30 AM
I'm sure this crook was reported to the police on numerous occasions but they refused to respond. I commented in the to the article titled, "Corrupt Politicians: Watch Your Back or Clean Up Your Act". I'm going to reiterate what I wrote because I have a new solution for pogo and the new administration.
"...the press and the local police are intimidated by the Judicial Branches of government and local Bar Associations, especially in NY. They are fearful of law suites. Consequently, they aren't reporting on these troubling areas. The problem is at the top where the sharks swim. These intimidation tactics need to stop. Any suggestions?
YES
WE NEED TO BUILD ON THE 311 SYSTEM. I feel NY City has over come part of this problem with the introduction of 311 on cellphones. This access number allows folks to report police misconduct if an officer does not log the incident. Most people aren't savvy enough or have the time to report the misconduct to their local Congressman.
THE NEW SOLUTION: ALL THESE CALLS AROUND THE COUNTRY SHALL GO TO THE FBI.
ALL THOSE IN FAVOR?...POST YOUR COMMENTS.
Posted on: Jul 05, 2009 at 09:18 AM