Is the Judiciary about to Give the SEC a Backbone?

As one can plainly see, Judge Rakoff has frequently rejected the SEC’s interpretation of the law and the facts. It deeply saddens me to see how the agency that I worked with and long admired has become a shell of its former self – brought on by a lack of resources, a lack of will among its leadership to pursue cases, and the ever spinning revolving door. But, the SEC needs more than a single ruling in a federal district court to get it back on track. The SEC sorely needs new leadership: someone with a sense of history, vision and a backbone. Actually, it needs someone like Judge Rakoff. But, at least for today, I’ll have the satisfaction of knowing that someone is finally insisting on making securities law violators, no matter how well politically connected, fully accountable for their actions.

Read more: Is the Judiciary about to Give the SEC a Backbone? — The Accounting Onion

1 Comment

  • Ike Sam
    Posted December 22, 2011, 1:15 pm 1:15 pm 0Likes

    Bravo Rakoff. I’ve said for over 30 years that the SEC’s enforcement division is a sham. It should end the practice of letting defendants neither admit nor deny guilt. If the SEC only brings 10% as many cases a year and takes every one to trial, investors will be better off.

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