James Kidney: SEC superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases

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James Kidney: SEC superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases

James Kidney: SEC superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases

This government is not for the people!


Bloomberg-

A trial attorney from the Securities and Exchange Commission said his bosses were too “tentative and fearful” to bring many Wall Street leaders to heel after the 2008 credit crisis, echoing the regulator’s outside critics.

James Kidney, who joined the SEC in 1986 and retired this month, offered the critique in a speech at his goodbye party. His remarks hit home with many in the crowd of SEC lawyers and alumni thanks to a part of his resume not publicly known: He had campaigned internally to bring charges against more executives in the agency’s 2010 case against Goldman Sachs Group Inc. (GS)

The SEC has become “an agency that polices the broken windows on the street level and rarely goes to the penthouse floors,” Kidney said, according to a copy of his remarks obtained by Bloomberg News. “On the rare occasions when enforcement does go to the penthouse, good manners are paramount. Tough enforcement, risky enforcement, is subject to extensive negotiation and weakening.”

[BLOOMBERG]

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4 Responses to “James Kidney: SEC superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases”

  1. Charles Reed says:

    Mortgage Backed Securities are being illegally liquidated with forgeries and next illegal insurance claim are being received by the investors from the banks with the help of MERS!

  2. GuyFawkesLives says:

    So, this guy believes he’s “courageous” because he speaks out AFTER he receives his cushy retirement? F*** that! That is NOT courageous, that is a pathetic, wimpy, government drone.

    What would have been courageous is to speak out when he could have done something to change the lack of prosecutions. What a pathetic excuse for a man.

  3. GuyFawkesLives says:

    Frankie, FUCKING “LURK” SOMEWHERE ELSE.

  4. dinsfla says:

    Just deleted that comment. It was spam that got through I’m afraid. Thanks for bringing it to my attention.

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