4 ms·
I didn't attack you. The SEC was underfunded in 2008, and was still underfunded in 2018. A good source showing that their budget has increased by 82% over those
by verall 5y ago
I didn't attack you. The SEC was underfunded in 2008, and was still underfunded in 2018. A good source showing that their budget has increased by 82% over those 10 years doesn't change, or even challenge that. My original points were:
- These fines are dimes on the dollar compared to profits gained
- Regulators are comparatively underpaid, with the comparison point being workers in the regulated sector.
Goldman Sachs is a single firm that made $9.5B in profit in 2020 who has to pay a $2.9B fine over $1.6B in bribes paid with $2.7B of "misappropriated funds". A single firm paid nearly the entire SEC's budget ($1.75B 2020) just in bribes to foreign officials.
But sure, since the SEC's budget has increased by 82% since the housing market failed, they have all of the funds they need. Clearly we have a value difference here. The issue is not the facts at hand, it is our opinions on what they mean.
https://www.justice.gov/opa/pr/goldman-sachs-charged-foreign-bribery-case-and-agrees-pay-over-29-billion https://www.justice.gov/opa/pr/goldman-sachs-charged-foreign...