SEC Winding Down Financial-Crisis Investigations, Leaving Sad Track Record: Report

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SEC Winding Down Financial-Crisis Investigations, Leaving Sad Track Record: Report

SEC Winding Down Financial-Crisis Investigations, Leaving Sad Track Record: Report

HuffPO-

After managing to pin the entire financial crisis on one Goldman Sachs vice president, the Securities and Exchange Commission is apparently close to declaring victory and going home.

The Wall Street Journal reports that the SEC has decided to take no action against the hedge fund Magnetar Capital, which allegedly helped build toxic securities that Merrill Lynch sold to unsuspecting investors before the financial crisis. What’s more, the SEC is “quietly winding down some of [its] highest-profile investigations related to the crisis,” the WSJ writes, citing “people familiar with the situation.” The article is consistent with earlier reports that the SEC had few crisis-era cases left in the pipeline.

This likely means the SEC is unlikely to extract much more from Wall Street than the $2.73 billion in penalties and restitution it has already gotten in crisis cases, a figure that pales in comparison to the $14 trillion in damage the financial crisis is estimated to have caused. (Story continues below a graphic that will help put this into context.)

[HUFFINGTON POST]

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One Response to “SEC Winding Down Financial-Crisis Investigations, Leaving Sad Track Record: Report”

  1. This should invite letters to the SEC to do their job and prosecute these criminals not to wind this down. This is shameful. Please write the SEC and demand prosecution of the criminals.

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