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The SEC is a joke. I think the average person pictures them as an all pervasive, omnipotent regulator of everything that happens in our markets. The reality is
by ramesh31 4y ago
The SEC is a joke. I think the average person pictures them as an all pervasive, omnipotent regulator of everything that happens in our markets. The reality is that they are a few hundred people in an office building in DC, tasked with overseeing the most complex economy in all of history. Whatever enforcement actions they are able to take affect only the most egregious and publicly visible examples they can find.
- capableweb 4y agoNot disagreeing with you, just minor correction: SEC employs closer to 5000 people rather than 500 people, which your comment makes it seem. So "a few thousand people" would be more accurate.
- ramesh31 4y agoRight. But how many of them do you think are actively involved in investigating financial crimes? It's a small fraction of the total headcount.
- capableweb 4y agoDepends on what you think "actively involved" means. Parent said "tasked with overseeing the most complex economy in all of history", which everyones mission at the SEC is, even if they are employed as an office administrator and they are supporting that "mission" indirectly.
- jillesvangurp 4y agoThe SEC being a joke is not an accident but the result of a decades long push for it to be a toothless tiger by conservative lobbyists in both major parties. There never has been enough political support for it to be anything else thanks to that. That doesn't mean it is completely without use. I think they do a fine job of e.g. limiting the amount of damage done via obvious Ponzi schemes.
- nradov 4y agoThe SEC doesn't have the authority to prosecute financial crimes. They do civil enforcement only.