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The sad truth of this is that this is just three letter agencies doing as three letter agencies does. I don't think anyone at the SEC was looking after consumer
by jnmandal 6y ago
The sad truth of this is that this is just three letter agencies doing as three letter agencies does. I don't think anyone at the SEC was looking after consumers here. If they were, they would similarly investigate other brokerages with the same practices (which is many).
- VWWHFSfQ 6y agoThe SEC doesn't have infinite resources to investigate every possible case like this. As with most prosecutions, they just go after the most obvious/high-profile/egregious cases that have the highest probability of success.
- colejohnson66 6y agoThat’s mostly because Congress writes the budget, and the President “spends” what is allocated to the SEC on the SEC (no surprise). So the SEC (and IRS) is/are kneecapped because Congress doesn’t give them enough money (either because they don’t want to, or the President doesn’t ask for enough). The cynical take is that Congress profits from insider trading, tax evasion, etc. and want to prevent themselves from being investigated. Whether that’s true or not would be hard to prove.