- Bloomberg News reports on a retirement speech given by SEC trial attorney James Kidney that just scorches the agency on his way out:
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"...
"I have had bosses, and bosses of my bosses, whose names we all know, who made little secret that they were here to punch their ticket," Kidney
"They mouthed serious regard for the mission of the commission, but their actions were tentative and fearful in many instances."
had some words about the press too, which you can read here: