You've probably heard the charges made by politicians and
activists that the Securities and Exchange Commission is ineffective and not
bringing charges against those who caused the 2008 financial crisis.
"YOU'RE WRONG!" says the SEC.
The SEC has begun publishing "Enforcement Actions
Addressing Misconduct That Led to or Arose From the Financial Crisis."
Key Statistics (through Oct. 19, 2011)
Number of Entities and Individuals Charged
Number of CEOs, CFOs, and Other Senior Corporate
Number of Individuals Who Have Received Officer and
Director bars, Industry Bars, or Commission Suspensions
> $1.2 billion
Disgorgement and Prejudgment Interest Ordered
> $393 million
Additional Monetary Relief Obtained for Harmed
Total Penalties, Disgorgement, and Other Monetary
* In settlements with
Evergreen, J.P. Morgan, State Street, and TD Ameritrade
In the prism of the enormous losses of the 2008
financial crisis this may not seem by much. I think most people, though rightly
upset, will have a hard time finding criminal conduct among those activities
subject to the jurisdiction of the SEC. Sure, the proliferation of CDOs in 2007
can be seen as suspect. But criminal?
additional commentary on developments in compliance and ethics, visit Compliance Building,
a blog hosted by Doug Cornelius.
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