Matt Taibbi smacked down the SEC regarding its slap-on-the-wrist penalty against Citigroup, but so-called objective reporters seem to think the SEC is a victim! More here.
NYT, WSJ: SEC in a ‘quandary,’ not corrupt
2 thoughts on “NYT, WSJ: SEC in a ‘quandary,’ not corrupt”
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Neither the NYT or the WSJ even hinted that the SEC might be, at the very least, shirking its duty and ought to be rebuilt from the ground up.
The above leads to a quote from the judge, which should be read (click through!), but it appears none of the “objective” MCM (Mainstream Corporate Media) reporters mention that regulatory agencies have been systematically deprived of Congressional funding to be able to take on the increasingly TBTF and Too Big To Regulate banksters. It’s happened to other regulatory agencies as well, but, right now, the SEC is the one charged with regulation the part of the economy which nearly brought the entire economy to its knees and it still grinding the Main Street economy into the dirt. Since Reagan, perhaps even Carter, regulatory agencies have been viewed as the skunk at Big Bidness’s garden party.
So, there is a question as to whether it’s “shirking its duty,” in bed with Wall Street and doing its duty as seen by those whose loyalties are to Wall Street, or there simply is not the manpower and money to effect good investigations and even attempt litigation. Note that two of the three put the SEC members on the hot seat — or in the catbird seat for post-SEC high paying jobs….
I’m not letting the SEC off the hook, but…money, money, money: It’s a rich man’s game. And they can’t play in it if they’re the paupers.
Because Pinch Sulzberger’s bond holders say so, That’s Why.