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The SEC
- tlrobinson 18y agoWhile it doesn't make it false or any less news-worthy, the timing makes this feel like a rather blatant attempt to divert attention away from his own troubles with the SEC.
- runevault 18y agoTrue enough, though if they can't even police their own how trustworthy are they to handle others. Depending on how true all of this ends up being it leaves me rather anxious about the whole idea. Not fun.
- martey 18y agoI am not sure whether this is actually "hacker news-worthy." I learned that Mark Cuban thinks the SEC is corrupt, but nothing actually useful.
- llimllib 18y agoDidn't you learn that the Office of the Inspector General thinks the SEC is corrupt, and released a scathing report to that effect?
- martey 18y agoNo, I learned that the SEC's Office of the Inspector General released a report detailed what they did for the last 6 months. Since the Inspector General of the SEC's job is to investigate the SEC, this is expected. If you read the actual report, it is barely scathing. Cuban tries to make it seem as if 6 out of 3500 employees doing something criminally wrong is a large number. Since that is less than 1%, I would like to seem competing numbers for other federal agencies. Also, the SEC cooperated fully with all investigations. See page 67 of the report: During this reporting period, there were no instances where information was refused.
- robg 18y agoI disagree. If anything he's playing this the same way he played against the NBA and their officiating - by turning up the heat on himself and the matter at hand. Either he's crazy or courageous. By the way, he was right against the NBA. The officiating was corrupt for a while. They absolutely did release the report when they did to limit the PR damage, especially given the meltdown in the market.
- Prrometheus 18y agoIs it news that a government agency is poorly run and corrupt? Look, one-third of Medicare equipment expenses are fraudulent. The executive branch gives out no-bid contracts to firms that used to employ its top members. The Pentagon has lost track of hundreds of billions of dollars, and NASA its billions. In general, our response to a corrupt bureaucracy is to make it bigger in hopes that it will still get the job done despite the waste and graft. It's nice that they are conducting these kinds of internal reviews. However, the FBI did one such review and determined that it had improperly used its PATRIOT Act powers 1,000 times for every time it used it properly. I don't think much changed after the report.
- helveticaman 18y agoI'm surprised the FBI did this investigation in the first place. But I think it may not be news, but it is important to call it out.
- DTrejo 18y agovery important - accountability is the lifeblood of functioning society
- nazgulnarsil 18y agothis is the single most important thing for humanity to get right if we're going to make it. power and responsibility MUST be commensurate. the alternatives are quite literally insane.
- randallsquared 18y agoSince any time he brings up the SEC someone will bring up his own troubles with them, it seems to me as though bringing them up at all would be a poor strategy for diverting attention away from said troubles.
- jhancock 18y agoIt wouldn't surprise me if the SEC was a bastion of mediocrity and noncompliance. Those that would like a stronger SEC are quick to point out how severally underfunded and small it is for its supposed role. It is an age old politic trick to speak loudly and "underfund".
- DocSavage 18y agoIt's sad that the SEC is underfunded given all the fees it collects from issuers of securities and market participants. I'm not sure about the current year, but in the past, the fees collected by the SEC were greater than its budget by over a hundred million.
- projectileboy 18y agoGosh, someone under investigation by the SEC has nasty things to say about the SEC. Truly amazing. Speaking of ethics, where on the ethics scale would Mr. Cuban rate commenting publicly on the trustworthiness of the SEC in the middle of an ongoing investigation?