Agency officials continually advertise how few resources they have, how costly trials are and how irresponsible it is to shareholders to force a trial when a reasonable settlement can be won instead…. In doing so, the agency has Beltway blinkers on. Sure, it’s speaking to Congress, but Wall Street is also listening. When it complains, even legitimately, about its budget or how costly and difficult trials are, the S.E.C. is inadvertently showing its belly to Wall Street in a sign of submission. It’s whimpering that it will shy away from a trial, afraid of draining its coffers.
‘Enforcement 40’ for 2020
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