The Securities and Exchange Commission has long described itself as “the investor’s advocate,” a motto coined in the late 1930s by William O. Douglas, the agency’s third chairman (and later a Supreme Court Justice). A more appropriate moniker for today’s SEC might be “the investor’s collection agent.”Belatedly slipped into this year’s1480-page, must-pass defense appropriations bill – which became law this past weekend after the lame-duck Congress overrode a presidential veto triggered by objections unrelated to the SEC – was a wholly impertinent provision that cements the agency’s ill-suited role as governmental debt collector for private investor losses.
‘Enforcement 40’ for 2020
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