

Is the SEC covering up Wall St crimes? - kjw
http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817?print=true

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FreebytesSector
This is very well written and makes a lot of sense. I am certain that a vast
amount of the population has wondered why no action has been taken against
anyone in regards to the financial collapse. Interestingly, we are only now
seeing the government looking into matters involving S&P after the S&P lowered
the credit rating.

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kjw
I joined a startup hedge fund six months ago after five years in VC. The
amount of corruption and questionable practices on Wall St that continue
today, even after enactment of supposed tougher regulation and oversight,
surprised me. It's not a level playing field out there.

I think the situation will improve, but it seems to be an uphill battle
against corruption in the regulatory bodies.

I do wish there were more software employed for the enforcement. e.g. it's
blatantly obvious that there is insider trading if you examine spikes in
volume prior to M&A announcements. I can't imagine it would be that hard to
mine the transaction data for offenders.

But as the article says, you can't build up a good database of evidence if you
are regularly purging the data.

