The New York Times front page storyThe New York Times "Federal Cases Drop Sharply", is more proof that during the Bush Administation blatent neglect of the SEC, directly caused Wall Street to be looted, which led us into economic ruin.
The New York Times front page storyThe New York Times "Federal Cases Drop Sharply", is more proof that during the Bush Administation blatent neglect of the SEC, directly caused Wall Street to be looted, which led us into tis his which led us into economic ruin. I say loot, as that is what it is called when disaster strikes poor neighborhoods, like Katrina, and people were able to walk into stores and steal televisions sets, or even diapers and forumla for their children. The only difference between the looting that happened during Katrina, and the looting that happened in Wall Street, is much of the looting that happened after Katrina was done out of necessity, and was caused by a disaster. The looting of Wall Street almost seemed like the Bush Administration welcomed it with open arms, knowing America wouldn't see what was going on as the lotting of Wall Street wasn't being televised.
At the S.E.C., agency investigations that led to Justice Department prosecutions for securities fraud dropped from 69 in 2000 to just 9 in 2007, a decline of 87 percent, the data showed.
The article goes on to say that the SEC disputes the findings of the Syracuse University Report, that studied the SEC, but fails to say exactly why or how the report is wrong.
It appears that the reasons given for the drops in prosecutions from the SEC are due to money taken from the SEC to place more focus on anti-terrorism. Perhaps this is what we know, but what the artlicle hints at something more sinister than neglect and putting more money into anti-terrorism, but actually something very politically motivated.
Mr. Coffey said he believed the declining number of stock fraud prosecutions is partly a result of the backlash the Bush administration experienced after its aggressive pursuit of corporate crime following the Enron collapse in 2002, which led to the creation of a national task force on corporate wrongdoing.
In the last few years, he said, "the administration has been sending the message that we’re going to loosen the binds on the market to compete in the global marketplace, and they’ve pulled the throttle back on prosecutions because it wasn’t politically necessary anymore
It is troubling to see why Corporate fraud and investor fraud would not go hand in hand, and why having more oversight in one area would lead to less in another.
What I do find most upsetting is that damage has been done, Bush ruined the people's faith in their institutions, its reputation is forever ruined, and that we all will suffer for a very very long time becasue of it.