Former Top SEC Enforcer Accepts $5 Million From Wall Street Firm

By: Tuesday July 23, 2013 8:08 am

The former top law enforcer for the SEC, Robert S. Khuzami, has done what most Wall Street regulators end up doing – taking a lot of money from Wall Street and friends. Khuzami just landed himself a $5 million a year contract, with two years guaranteed, from Kirkland & Ellis, a law firm that makes [...]

With Unclear Successor at SEC, a Look at the Agency’s Recent Failures

By: Thursday November 29, 2012 8:30 am

Mary Miller, a Treasury Department official seen as the expected pick for the next head of the SEC, dropped out of contention yesterday, leaving an unclear path forward. Elisse Walter, who was designated as the new chair, replacing the departing Mary Schapiro, is seen as a stopgap pick. But her elevation to the top slot [...]

Mary Schapiro Steps Down as SEC Chief

By: Monday November 26, 2012 8:30 am

Schapiro’s replacement matters. Simon Johnson kicked this off a few days ago, juxtaposing the bona fides of Treasury Department under secretary for domestic finance Mary Miller (a former mutual fund executive) against former Special Inspector General for TARP Neil Barofsky. There’s no question than an experienced prosecutor like Barofsky would change the SEC’s culture, but there’s almost no chance he will ever hold another job in Washington, as he was specifically told by Herb Allison right at the beginning of his book Bailout.

Study Claims Revolving Door at SEC Not a Problem

By: Monday August 6, 2012 12:57 pm

Today in “Don’t Mindlessly Parrot Every Yahoo With a Contrarian Academic Study,” we have this effort, written up approvingly in the New York Times, suggesting that the revolving door is actually helpful to efforts by the SEC: The study, by researchers at Emory University, Rutgers, the University of Washington and Nanyang Technological University in Singapore, [...]

Securitization Fraud Task Force Responds to Criticism With PR

By: Tuesday May 22, 2012 6:25 am

Darren Samuelsohn takes a look at the much-maligned securitization fraud task force, which has come under criticism for, well, not doing much of anything since coming into existence. Let’s see how the leaders of the effort have responded to all that criticism. “People are very angry that the only person who’s been to prison is [...]

Waters Challenges Khuzami on Securitization Fraud Task Force, Gets Revealing Answers

By: Friday May 18, 2012 8:17 am

I don’t know how House Democrats managed to get a hearing in the Financial Services Committee on the SEC’s tendency to settle with financial firms and allowing the companies to get off without admitting wrongdoing, but I’m glad they did. This put Financial Services Committee chair Spencer Bachus (R-AL) in the unusual position of saying [...]

The Failure to Prosecute Bank Crimes Creates a Disease at the Heart of Our Politics

By: Monday February 6, 2012 12:38 pm

The news about Massachusetts and Nevada potentially having to give up foreclosure fraud suits in order to join the servicing settlement brings up a larger point I’d like to make. Some people criticized me for this post about the “substantial” payment of the settlement using investor money, saying that it read more like a Wall [...]

FCIC Referred Criminal Securities Fraud Violations to Justice Department a Year Ago

By: Monday January 30, 2012 11:39 am

A statement sent my way from Phil Angelides, the chairman of the Financial Crisis Inquiry Commission, plays into this debate over the RMBS working group in some interesting ways. The crux of the matter is that Douglas Holtz-Eakin, a Republican commissioner on the FCIC who did not sign onto the final report, made some statement [...]

There’s Already a Financial Fraud Task Force

By: Wednesday January 25, 2012 10:57 am

I have some additional reporting on the financial fraud unit that will be co-chaired by Eric Schneiderman, and how he will approach it. But before I get to that, I want to pick up on something that came up when I appeared on Sam Seder’s Majority Report radio program today. The thing is, and this [...]

The Schneiderman Gambit: Financial Fraud Unit Appears Designed to Fail, and Grease Skids for Foreclosure Fraud Settlement

By: Wednesday January 25, 2012 6:15 am

I’ll pepper in my thoughts on the State of the Union Address throughout the day, but I would be remiss if I didn’t start with the announcement of a Unit on Mortgage Origination and Securitization Abuses (UMOSA) to investigate bank practices during the financial crisis. The unit will be co-chaired by Eric Schneiderman, the New [...]

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