4 ms·
If Cuban can draw some attention to the SEC's chronic, deliberate under-funding, more power to him. Congress has for years siphoned off the majority of the fee
by pasbesoin 16y ago
If Cuban can draw some attention to the SEC's chronic, deliberate under-funding, more power to him.
Congress has for years siphoned off the majority of the fees the SEC collects. They raise enough revenue to do significantly more than they have (whether, politically, they would ever be allowed/enabled/encouraged to, is another matter). But Washington gathers it up and wastes (err, spends) it elsewhere. [1]
A few years ago, there was a lot of hoopla and excitement over the SEC's "receiving" additional funding for 100 more attorneys to prosecute investigations and regulatory proceedings (100, IIRC). Last I checked (earlier this year), SEC management was still "optimistic" that that additional funding would soon be showing up. (My resulting impression after that conversation was, 'yeah, RSN (Real Soon Now)'.)
[1] This is off the top of my head (or out of my *ss), but I seem to recall a few years ago seeing SEC fee and whatnot revenues quoted as being in the $600 million range, while their annual budget was set at around $100 - $110 million. Maybe someone else here will have better knowledge of this.