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SEC Goldman Lawyer Says Agency Too Timid on Wall Street Misdeeds

SEC Goldman Lawyer Says Agency Too Timid on Wall Street Misdeeds

A trial attorney from the Securities and Exchange Commission said his bosses were too “tentative and fearful” to bring many Wall Street leaders to heel after the 2008 credit crisis, echoing the regulator’s outside critics.

James Kidney, who joined the SEC in 1986 and retired this month, offered the critique in a speech at his goodbye party. His remarks hit home with many in the crowd of SEC lawyers and alumni thanks to a part of his resume not publicly known: He had campaigned internally to bring charges against more executives in the agency’s 2010 case against Goldman Sachs Group Inc. (GS)

The SEC has become “an agency that polices the broken windows on the street level and rarely goes to the penthouse floors,” Kidney said, according to a copy of his remarks obtained byBloomberg News. “On the rare occasions when enforcement does go to the penthouse, good manners are paramount. Tough enforcement, risky enforcement, is subject to extensive negotiation and weakening.”

Kidney said his superiors were more focused on getting high-paying jobs after their government service than on bringing difficult cases. The agency’s penalties, Kidney said, have become “at most a tollbooth on the bankster turnpike.”

One response to “SEC Goldman Lawyer Says Agency Too Timid on Wall Street Misdeeds

  1. Again until the numbers are enlightened to whats going on it will continue I mean how many folks look to sites like this one daily to see whats going on in the finance/foreclosure realm?I know I do but most dont have the time or the heart to take a stand on whats going on and if it hasnt entered their world [yet] they dont want to know about it.So it leaves one thinking conspiracy this and that,and whats really going on?When whats going on is pretty simple..GREED.. at any expense,its like its all coming to a ugly head and to be honest there is zero sustainability in this present system.I ask myself daily how it is that I was so dang lucky to get sucked up into such garbage.I could have just refi’d myself out of this mess and allowed WF, and my broker and the escrow to screw me and they dont even think about it.I had been a “premiere client”for 10 years with multiple accounts,stocks,IRA,past loans paid on time and in full,and at least 12 loans with my broker when she solicited the garbage Im dealing with now.So when I was fed up with the 6%,interest only fixed for ten[who would do that]and went to get a streamline refi that they offer their “premiere clients” those are their words,and they flat out said NO, I knew that this was going to be a problem.What went down after that day has been nothing shy of a nightmare and that “premiere client”status got me ZERO,as a matter of fact it worked against me.So my day in court is comin and I cant say that I feel good about it,even with all the blatant fraudulent documents,and the fact they claim to have paid my 2nd on their version of the HUD 1 statement when I had paid it off 2 months prior to closing this mess.The 4 or 5 dif good faith estimates and multiple HUD 1 pages,I still think it wont be good.

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