A veteran attorney for the Securities and Exchange Commission says his bosses have been too lenient in going after Wall Street banks. Speaking at his retirement party, James Kidney said the SEC has been “tentative and fearful” in going after major financial firms for the reckless polices that caused the 2008 financial crisis. Kidney said: “[The SEC is] an agency that polices the broken windows on the street level and rarely goes to the penthouse floors. 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.”
Retiring SEC Attorney: Regulators “Tentative and Fearful” in Pursuing Wall Street
HeadlineApr 14, 2014