The Bank Foxes are Guarding the SEC Chicken Coop!

If anything is crystal clear today, it is that there is no federal or state government agency that is going to help the consumer or specifically homeowners.

In this re-publish of an article by RICHARD BOWEN, the complicity of the SEC in adding and abetting securitization illusions and delusions is readily apparent.

see https://richardmbowen.com/the-bank-foxes-are-guarding-the-sec-chicken-coop/?fbclid=IwAR1W3HUiXoOJsfX7M6lDSnJ24ZKxTn5HmVn_6gGUVV8XUOgPk0heGM7d-mQ

Here are some quotes from the article that I found enlightening:

The SEC classified my testimony as “confidential and trade secrets” and has repeatedly refused to release it, despite much of it being public information.

there is an “incestuous” revolving door relationship between Wall Street banks and the regulators. Anyone who leaves the SEC has a ready-made position within the banks or those who support them. As Ms. Cashen says in the article, ”In the years since the crisis, the absence of any significant convictions has come to show the worrying extent of corporate impunity on Wall Street…. Individuals at the highest echelons of “Corporate America” have been largely unaffected by their own financial gambling.”

the SEC settles with the guilty banks for settlements rather than prison sentences. Since 2008, 20 global financial institutions have paid $235 billion in fines which as Ben Artzi, myself and others have pointed out, comes from shareholders’ pockets, not the guilty bank individuals! And not one prison sentence is meted out.

 

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