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SEC has fewer employees than the Smithsonian
From: David Farber <dave () farber net>
Date: Sat, 27 Sep 2008 13:28:42 -0400
Begin forwarded message:
From: Robert Bryce <rbryce () swbell net>
Date: September 27, 2008 12:45:53 PM EDT
To: Dave Farber <dave () farber net>
Subject: SEC has fewer employees than the Smithsonian
There are many factors at work in the current financial crisis. But
the most painful fact about the mess is that Congress and the White
House refused to heed the lessons that were taught by the Enron
collapse: the need for more financial regulators and more oversight of
the derivatives market.
Today's Wall Street Journal has front page story about a report from
the Inspector General which found that the SEC has "failed to carry
out its mission in its oversight of Bear Stearns."
That's hardly surprising. Today, the SEC has fewer employees than the
Further, and even more amazing: the proposed 2009 budget for the SEC
calls for a reduction -- yes, a reduction -- in the number of
enforcement personnel on its staff.
Here's another metric: the US now spends more than five times as much
on corn subsidies as it does on the SEC.
Given the lack of funding for the single most important financial
regulator in the US, why are we surprised that the financial engineers
have -- once again -- robbed us blind?
I wrote about these issues for USNews.com that was published this
week. Here's a link:
Austin, TX 78704
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- SEC has fewer employees than the Smithsonian David Farber (Sep 27)