Mon Feb 11, 2013, 07:52 PM
Jakes Progress (9,020 posts)
Why do we expect change?
"Mary Jo White isn't just a semi-compromised corporate crony. She's the embodiment of a corrupt Wall Street culture"
SEC in general:
The POGO report may even explain the stunning discovery by Rolling Stone’s Matt Taibbi. Back in 2011, he reported that for the past two decades “the agency has been systematically destroying records of its preliminary investigations” thus keeping “an entire generation of federal investigators in the dark about past inquiries into insider trading, fraud and market manipulation against companies like Goldman Sachs, Deutsche Bank and AIG.” Obviously, if you are an SEC official and know your lucrative post-government job is going to be at one of those companies, you have a clear incentive to destroy records implicating your future employer in major crimes.
White in particular:
On top of that, White is hardly some apolitical administrator who has refused to take ideological policy positions. On the contrary, as the Wall Street Journal reports, she “has argued against pursuing corporations in criminal courts and pushed, on behalf of corporate clients, for rules that could discourage corporate whistleblowers from coming forward.” That is, she has advocated for precisely the kind of governmental posture that regulatory capture tends to create.
I'm willing to accede that her knowledge (and experience) with how the agency is the total tool of those it is meant to regulate could be used to completely turn around the corruption, to bring in a new age of government actually serving the people. It could. I'm way to jaded to believe that it will. If her term is marked by drastic change for the better, I will be cheering her and Obama for their honesty and service. I will happily offer my apologies for suspecting that this is just another case of our Democratic leaders paying back their money men just as the republicans have done forever.
Let's see a regulation offered up by White that will preclude any SEC worker from ever working for the companies and organizations they are meant to regulate. As it is, these watch dogs are letting the thieves into our house because there is steak waiting for them at the crook's hideout.
Please, oh please, let me be wrong.
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