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The supreme court, and its now usual right leaning bias neutered the SEC a bit more: https://www.whitecase.com/insight-alert/supreme-court-rules-sec-use-house-t

by ta988 2y ago

The supreme court, and its now usual right leaning bias neutered the SEC a bit more: https://www.whitecase.com/insight-alert/supreme-court-rules-sec-use-house-tribunals-unconstitutional-potentially-far-reaching https://www.whitecase.com/insight-alert/supreme-court-rules-...

verisimi 2y ago
Are SEC the good guys? I can't keep up.
- bboygravity 2y ago
  No, they're not. Should have been quite clear when Madoff ran a 20 billion USD ponzi for multiple decades and he got caught because his own sons turned him in at the FBI. The SEC was not involved in Madoff at all (other than to make it worse my "auditing" Madoff multiple times and publishing that "all is fine nothing to see here"). The SEC is a government marketing agency to keep up the veil of US markets being fair and functional.
  - Hnrobert42 2y ago
    They can be incompetent without being bad. It is a mistake to assume nefarious intent.
    - WrongAssumption 2y ago
      You don’t have to be nefarious to be bad. Being incompetent definitely makes an federal agency with powers of enforcement bad.
    - tbrownaw 2y ago
      "Bad" can also apply to results or execution (performance, in/competence), not just intent.
- trompetenaccoun 2y ago
  Gensler met with FTX fraudster Sam Bankman-Fried and had a secret zoom call with him as the press later found out. FTX always advertised how they were "regulated". Yet despite not even having proper book-keeping¹, they were never investigated by the SEC, which has been focused on hassling legitimate businesses such as Coinbase - a public company with proper compliance and actual audits. ¹ https://arstechnica.com/tech-policy/2022/11/new-ftx-chief-slams-complete-failure-of-corporate-controls-at-crypto-exchange https://arstechnica.com/tech-policy/2022/11/new-ftx-chief-sl...
  - llamaimperative 2y ago
    FTX was receiving inquiries from SEC in early 2022, before its collapse: https://prospect.org/power/congressmembers-tried-to-stop-secs-inquiry-into-ftx/ https://prospect.org/power/congressmembers-tried-to-stop-sec... Also “doing audits” and “having compliance” and “being public” doesn’t insulate a company from scrutiny.
- llamaimperative 2y ago
  The real world is messier than Disney’s “good guys bad guys” dichotomy.
twoodfin 2y ago
Another way to see that would be the Supreme Court affirming that if the SEC accuses you of what is clearly common law fraud, and wants to penalize you millions of dollars, they are required by the Constitution to bring those charges to Article III courts where you can exercise all the rights of the accused recognized by the Constitution (most specifically in this case, trial by jury).
- walrushunter 2y ago
  There's no other way to see it. I'm not sure why the parent comment decided to bring politics into it. You'd think the idea that the government shouldn't be able to accuse you of a crime and take your money without a trial would be bipartisan.
  - cheschire 2y ago
    There was a recent video by John Oliver going deep into the politics of the supreme court, so it's in the public discourse enough recently that the two concepts of justice and politics are probably linked for some folks. It's one of those annoying things that tends to happen a month out from presidential elections I guess.
    - ThunderSizzle 2y ago
      John Oliver has enough bad takes and lies that I'm at the point that if he says something, I assume it's a lie at this point. Or at least his conclusions are lies
      - cheschire 2y ago
        Yeah I tend to take it more as satire or wild exaggeration than real investigative reporting. When his buddy Joel McHale, who also acted on the fictional TV show "Community" along with John Oliver, tried making his own hot take comedy news show, it really put things in perspective for me. Now I watch it for the comedy aspect as much as anything I see on other news media these days. Take what I see with John Oliver amped up to a solid 9 or 10, divide it by 10, and that's probably how serious or impactful the thing actually is that he is reporting on.
deleted 2y ago
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by ta988 2y ago

verisimi 2y ago

Are SEC the good guys? I can't keep up.

bboygravity 2y ago
No, they're not. Should have been quite clear when Madoff ran a 20 billion USD ponzi for multiple decades and he got caught because his own sons turned him in at the FBI. The SEC was not involved in Madoff at all (other than to make it worse my "auditing" Madoff multiple times and publishing that "all is fine nothing to see here"). The SEC is a government marketing agency to keep up the veil of US markets being fair and functional.
- Hnrobert42 2y ago
  They can be incompetent without being bad. It is a mistake to assume nefarious intent.
  - WrongAssumption 2y ago
    You don’t have to be nefarious to be bad. Being incompetent definitely makes an federal agency with powers of enforcement bad.
  - tbrownaw 2y ago
    "Bad" can also apply to results or execution (performance, in/competence), not just intent.
trompetenaccoun 2y ago
Gensler met with FTX fraudster Sam Bankman-Fried and had a secret zoom call with him as the press later found out. FTX always advertised how they were "regulated". Yet despite not even having proper book-keeping¹, they were never investigated by the SEC, which has been focused on hassling legitimate businesses such as Coinbase - a public company with proper compliance and actual audits. ¹ https://arstechnica.com/tech-policy/2022/11/new-ftx-chief-slams-complete-failure-of-corporate-controls-at-crypto-exchange https://arstechnica.com/tech-policy/2022/11/new-ftx-chief-sl...
- llamaimperative 2y ago
  FTX was receiving inquiries from SEC in early 2022, before its collapse: https://prospect.org/power/congressmembers-tried-to-stop-secs-inquiry-into-ftx/ https://prospect.org/power/congressmembers-tried-to-stop-sec... Also “doing audits” and “having compliance” and “being public” doesn’t insulate a company from scrutiny.
llamaimperative 2y ago
The real world is messier than Disney’s “good guys bad guys” dichotomy.

twoodfin 2y ago

Another way to see that would be the Supreme Court affirming that if the SEC accuses you of what is clearly common law fraud, and wants to penalize you millions of dollars, they are required by the Constitution to bring those charges to Article III courts where you can exercise all the rights of the accused recognized by the Constitution (most specifically in this case, trial by jury).

walrushunter 2y ago
There's no other way to see it. I'm not sure why the parent comment decided to bring politics into it. You'd think the idea that the government shouldn't be able to accuse you of a crime and take your money without a trial would be bipartisan.
- cheschire 2y ago
  There was a recent video by John Oliver going deep into the politics of the supreme court, so it's in the public discourse enough recently that the two concepts of justice and politics are probably linked for some folks. It's one of those annoying things that tends to happen a month out from presidential elections I guess.
  - ThunderSizzle 2y ago
    John Oliver has enough bad takes and lies that I'm at the point that if he says something, I assume it's a lie at this point. Or at least his conclusions are lies
    - cheschire 2y ago
      Yeah I tend to take it more as satire or wild exaggeration than real investigative reporting. When his buddy Joel McHale, who also acted on the fictional TV show "Community" along with John Oliver, tried making his own hot take comedy news show, it really put things in perspective for me. Now I watch it for the comedy aspect as much as anything I see on other news media these days. Take what I see with John Oliver amped up to a solid 9 or 10, divide it by 10, and that's probably how serious or impactful the thing actually is that he is reporting on.

deleted 2y ago

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