SEC bitch slapped: I think I have a new favorite federal judge
Posted: Mon Sep 14, 2009 3:38 pm
From Judge Rakoff's order rejecting the SEC/BofA settlement:
It's about time somebody called the SEC on the carpet for their absurd "regulatory" practices.
http://www.zerohedge.com/article/full-text-rakoff-order-exposing-secs-corruption-and-cronyismOscar Wilde once famously said that a cynic is someone “who knows the price of everything and the value of nothing.” Oscar Wilde, Lady Windermere’s Fan (1892). The proposed Consent Judgment in this case suggests a rather cynical relationship between the parties: the S.E.C. gets to claim that it is exposing wrongdoing on the part of the Bank of America in a high-profile merger; the Bank’s management gets to claim that they have been coerced into an onerous settlement by overzealous regulators. And all this is done at the expense, not only of the shareholders, but also of the truth.
It's about time somebody called the SEC on the carpet for their absurd "regulatory" practices.