Obama’s Failure to Reform Wall Street: SEC No Evil Recommended
Posted by Larry Doyle on September 26, 2012 5:51 AM |
While listening to the upcoming Presidential and Vice-Presidential debates and you hear selected politicians make the case that they have reformed Wall Street, I recommend you get yourself a barf bag and think of the story I share with you today.
I introduced readers of this blog to whistleblower and former JP Morgan Chase compliance officer Peter Sivere in early 2010. For those unaware, Mr. Sivere had his identity revealed — that is, his confidence was violated — by an SEC attorney while in the process of blowing the whistle in an after hours trading case ongoing at JP Morgan.
Going on three years later Sivere and America still wait for the SEC to make proper amends in his case. Why is that fact and this case so important?
If anybody in the land believes the SEC has made real progress in dealing with Wall Street and its own internal shortcomings, do yourself a favor and watch this brief recent conversation between Eliot Spitzer and the widely read and highly regarded author William Cohan.
Dodd-Frank reformed our financial system? Please.
The Obama administration has cleaned up Wall Street and rectified our financial regulatory system? Stop it!!
Why is it that after all these years and all this pain and all those bailout dollars a Congresswoman, in this case Nita Lowey (D-NY), needs to intervene and ask the SEC to comply with a request made by its own Inspector General for disciplinary action against its own attorney who violated Mr. Sivere’s confidence?
Investors are protected? Really? Not when situations like this go unpunished and heroic Americans suffer at the hands of financial police who show themselves to be little more than meter maids.
You think not? Ask Peter Sivere.
If you agree with what you read here, please share this commentary with your friends, family, and colleagues so perhaps we might start to take back our nation and reassert a meaningful sense of values and decency into our society.
I have no affiliation or business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.