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Capitalsynthesis Forum » Topic: WARNING RANT BOARD
On March 27 a retiring Securities and Exchange Commission prosecutor, James Kidney, said that his prosecutions of financial criminals at Goldman Sachs and other giant US banks were blocked by SEC political appointees who â€œwere focused on getting high-paying jobs after their government service.â€� In a recent test to ascertain the responsiveness of members of Congress to monied interests in comparison to voters, two letters were sent to congressional offices.
One letter asked for the representative to meet with community groups in his district.
Recently a SEC prosecuting ...
Recently a SEC prosecuting attorney, James Kidney, retired.
Upon his retirement, he proclaimed that his cases against the criminal big banks have been suppressed by SEC higher ups who have their eyes fixed on big jobs with the banks they are protecting while in government service.
James Kidney had worked for ...
James Kidney had worked for the Securities and Exchange Commission as a trial attorney since 1986, winning more than a half-dozen insider trading trials.
But if anyone expected him to simply retire quietly with his nice pension - they were mistaken.
According to Bloomberg News, the veteran lawyer used his retirement speech to blast the agency for its failure to take Wall Street to task for the 2008 mortgage crisis.
lacks the kind of enforcers who hold a firm belief in afflicting the powerful and comfortable, Kidney
Regulators have become hyper-focused on policing the windows on the first floor, rather than taking action against those on the penthouse floors.
James Kidney, who joined the ...
James Kidney, who joined the SEC in 1986 and retired this month, offered the critique in a speech at his goodbye party. . . .
has become "an agency that polices the broken windows on the street level and rarely goes to the penthouse floors," Kidney
said, according to a copy of his
remarks obtained by Bloomberg News
"On the rare occasions when enforcement does go to the penthouse, good manners are paramount.
Tough enforcement, risky enforcement, is subject to extensive negotiation and weakening."
superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases.
The agency's penalties, Kidney
said, have become "at most a tollbooth on the bankster turnpike."
March 27 remarks drew applause from the crowd of about 70 people, according to witnesses.
In an interview, Kidney
hadn't heard any blowback from SEC officials. . . .
speech bemoaned the lack of SEC enforcers who "believe in afflicting the comfortable and powerful.
. . .
also hit the agency for using misleading statistics to showcase its enforcement efforts.
should focus on the quality of its actions, rather than try to file as many as possible just to tout its record to lawmakers and the media, he
"It is a cancer," Kidney
said of the agency's use of numbers.
"It should be changed."
said in the interview that he
will always be an SEC loyalist and was trying to offer constructive criticism that could help the agency.
wasn't singling out any specific cases or officials in his
comments. . . .
Philip R. Stein | Mortgage Crisis Watch | Mortgage Repurchase Defense Attorneys | Bilzin Sumberg Law Firm
James A. Kidney, a retiring SEC trial attorney, no longer muffled by his employment with... Continue Reading