Wednesday, August 17, 2011

The latest from Matt Taibbi: Is the SEC Covering Up Wall Street Crimes?

Matt Taibbi is back with another hard-hitting must-read expose: Is the SEC Covering Up Wall Street Crimes?

In the article, Taibbi exposes the agency's cushy relationship with the financial institutions it is supposed to investigate. Shockingly, the SEC made it a practice to destroy MUIs ("Matters Under Inquiry") that did not receive approval from senior staff despite the fact that records were supposed to be maintained for at least 25 years with the National Archives and Records Administration. Senior staff included Director of Enforcement, Richard Walker, who was named General Counsel of Deutsche Bank less than 10 weeks after the SEC closed an investigation into the bank. Closed MUI investigations included Bernie Madoff and Lehman Brothers.

I have to ask: is anyone else besides Taibbi doing any real investigative journalism these days? And why aren't the clowns who got us into this crisis in jail?

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