March 11, 2013 - Within recent months, two media events captured the attention of many Americans: the premier of the Spielberg movie “Lincoln,” showcasing the 19th century federal government’s ability to end our nation’s crime against humanity; and, the airing of the PBS Frontline series “The Untouchables”, showcasing the inability of the twenty-first century federal government to prosecute those responsible for our nation’s largest financial crime spree.
Now, the public watches mindless budgetary slashing of federal regulatory agencies – already underfunded and understaffed – charged with enforcing civil and voting rights and financial laws. And this “sequestration” proceeds at a time of widespread attempts to suppress people of color’s ability to cast ballots in federal elections, and financial fraud and abuse robbing and cutting the savings and assets of tens of millions of Americans.
October 8, 2012 - Although most “fiscal cliff” rhetoric concerns Defense cuts, Congressional budgetary intransigence could push federal investor protection agencies off the cliff come January 1. Barring Congressional action, automatic cuts in all Federal programs will occur January 1. These include the Securities and Exchange Commission (a $115 million reduction), Commodity Futures Trading Commission ($17 million on the chopping block), federal courts ($384 million at risk), Public Accounting Oversight Board ($18 million) and the Securities Investor Protection Corporation ($23 million). In sum, $557 million would be cut from investor protection programs.
August 28, 2012 - Many wonder why Federal regulatory precincts are so quiet several weeks following discovery that the London Interbank Offered Rate (LIBOR) had been rigged for years to benefit a handful of the world’s largest banks. Experts estimate damages to the economy can be measured in multiples of trillions of dollars. But, where are the expressions of horror and outrage, and other hot air emissions from the people’s elected representatives in Washington?
May 11, 2012 - SEC disagrees with Supreme Court’s anti-U.S. Investor Morrison decision and favors clearly defined private right of action against foreign wrongdoers, rather than abolition of U.S. investors’ legal rights, SEC Staff Study asserts.
April 4, 2012 - To-date, the presidential primaries have studiously avoided reference to the unfolding catastrophe brought to the American public just four years ago by the financial services industry. The political issues contested thus far bring to mind Hunter Thompson’s reporting of the 1972 election campaign: “This may be the year when we finally come face to face with ourselves; finally just lay back and say it — that we are really just a nation of 220 million used car salesmen with all the money we need to buy guns . . .”
(See: “Fear and Loathing: On the Campaign Trail, 1972,” by Hunter S. Thompson)
March 1, 2012 --Inexplicably, the SEC is more than a month overdue in meeting its statutory responsibility to advise Congress whether or not to protect U.S. investors or leave in-place Morrison’s shield for foreign corporate wrongdoers against U.S. investor accountability.