The SEC Inspector, General David Kotz, released a report this past spring that accused the SEC of messing up the investigation of Allen R. Stanford.
The damning report, accusing the SEC of gross negligence, was released on the same day that the SEC announced that they were charging Goldman Sachs with fraud.
Senator David Vitter, a Republican from Louisiana, sums up what happened nicely.
"This isn't just one major disappointing scandal, it's really three, it's the original Stanford Ponzi scheme fraud, which is horrible,... on top of that it's the inaction by the SEC, which I think is absolutely scandalous."
"And on top of that, number three, is this conscious effort... by the SEC to cover its tracks."
Of course only a few people noticed the convenient coincidence. But the SEC watchdog is about to release a report on the suspicious timing, which will include whether or not anything fishy was going on inside the SEC to purposely halt the investigation.
Read on.
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