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James Kidney Stones the SEC: “A Tollbooth on The Bankster Turnpike”

Posted by Larry Doyle on April 9, 2014 9:07 AM |

James Kidney recently retired from the SEC.  He skewered the commission’s culture and management on the way out the door.

For those who care to understand how Wall Street has gotten away with incredibly egregious offenses over the years, Kidney’s brief remarks are well worth the few minutes to review. The highlights include:

1. The revolving door is a very serious problem. I have had bosses, and bosses of my bosses, whose names we all know, who made little secret that they were here to punch their ticket. They mouthed serious regard for the mission of the Commission, but their actions were tentative and fearful in many instances.

2. . . . 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.

3. . . . we are at most a tollbooth on the bankster turnpike. We are a cost, not a serious expense.

4. The system is broken.

I hope people might keep a mental image of the heads of the SEC and its Enforcement Division in your mind while reading this. Please click on the image below to open up a pdf of Kidney’s retirement speech.

 

Kidney remarks

Can you say, “SEC: asleep, incompetent, captured and corrupted” five times fast?

Navigate accordingly.

Larry Doyle

Please order a hard copy or Kindle version of my book, In Bed with Wall Street: The Conspiracy Crippling Our Global Economy.

For those reading this via a syndicated outlet or by e-mail or another delivery, please visit the blog to comment on this piece of ‘sense on cents.’

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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.

  • silver

    Love your headline for this post. Definitely “pun intended”! Giggle

  • fairmead

    Good evening Larry

    Slightly changing the topic, I notice that the New York Times has reported that that the Justice Department said that the Albuquerque Police Department had engaged in a pattern or practice of use of excessive force. Good finding. Is anything going to be done to bring the miscreants to justice? Will those at the head of the police force be required to explain why they allowed their officers to kill innocent members of the public? Answer. Not as long as you have got a hole in your arse. Give the buggers a uniform and a gun and let them kill whomsoever they want. The land of the free, so long as you have a badge and a gun. And they promote the USA as a god fearing society. For god read gun.






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