The SEC, fresh from their cream-puff settlement with Goldman Sachs, turned around last month and laid a 78-page complaint on the Wyly Brothers, alleging that the billionaire businessmen committed all manner of misconduct.
Some days, it seem like there are as many definitions for Gov 2.0 as there are people.
For those of you who still desperately cling to the belief that allowing Wall Street to self regulate itself works, perhaps this case may yet change your mind.
The WG Trading case represents yet another long-term fraud that went undetected by our nation's many regulators and prosecutors for far too long with disastrous consequences.
With corporate coffers brimming with cash, merger and acquisition activity is percolating again. So, too, is the pace of stock trading investigations by the Securities and Exchange Commission into such transactions.
A month ago, the S.E.C. alleged in a complaint that Thomas C. Priore's firm made all sorts of fraudulent transfers for the benefit of himself and ICP, at the expense of investors in the Triaxx CDOs.
Regardless of how carefully negotiated and documented, a bribery scheme is unenforceable. If the official on the inside reneges or if he is removed in a change of government, you must begin again.
According to some in the press, the settlement with Goldman was a major victory for the SEC. Initial stories would have you believe that the government ground Goldman to its knees. Almost a blockbuster summer movie.
While I may criticize the motivation and timing of the SEC's case, I applaud the long overdue recognition by Wall Street's regulators that they have coddled the mighty and powerful for far too long.
While some may see the SEC's settlement with Goldman Sachs as a slap in the wrist, the settlement may have profound repercussions across bank board rooms and litigation war rooms across the country.
Seems almost everyone I talk to these days is very outraged over the corruption in the financial system.
If history is any guide, Blankfein may not go tomorrow, or even next month, but sometime in 2011, Blankfein will at the very least no longer be chairman of Goldman, and may also be forced out of the firm altogether.
We are saddled with legislators and regulators who belatedly cobble together ineffective solutions for yesterday's problems. In the end, we get neither an ounce of prevention nor a pound of cure.
Who knew that working as a lawyer for the Peace Corps was a stepping-stone to becoming the Inspector General of the Securities and Exchange Commission?
On June 28, 2010, the United States Supreme Court held in Free Enterprise Fund et al. v. Public Company Accounting Oversight Board et al. that Sarbanes-Oxley unconstitutionally restricted the President of the United States.
This could be your first opportunity to trust your life savings to a company that is fighting an SEC fraud lawsuit, that has little experience in the 401(k) market and that has no demonstrable skill in investing other people's money.