Comments on: Rakoff to SEC: Oh yes, it is my job to consider public interest On the Case Fri, 15 Jul 2016 20:42:45 +0000 hourly 1 By: Grinder74 Wed, 30 Nov 2011 21:20:47 +0000 “• Fairness: assuring that everyone receives fair and respectful treatment, without regard to wealth, social standing, publicity, politics, or personal characteristics.”

ROFLMAO all day.

By: Grinder74 Wed, 30 Nov 2011 21:19:11 +0000 @KnightPC

Which is why they are ruthless in extracting disgorgement and penalties from small operators and individuals–those who can’t compete against the unlimited resources of the government. We need more Judge Rakoff’s, but they need to turn their attention to the little guy who’s being extorted by the SEC.

By: Grinder74 Wed, 30 Nov 2011 21:17:14 +0000 @paintcan

The same happened to me, although thankfully it hasn’t garnered national attention.

By: CMEBARK Wed, 30 Nov 2011 13:51:53 +0000 The whole problem is that neither DOJ and agency attorneys have law degrees, but they are not litigators. They only want those cases that are basically walk ons and are intimidated by true litigators that a high profile defendant will obtain. They really are only interested in the quickie headline and be able to stand before the press in groups of 5 or 10 and make some announcement for the 5 minutes of fame.
Next time you see some announcer proclaiming great “conclusion” of a case ask yourself who are all those bozos standing up there and what did they do other than go get the coffee.

By: breezinthru Wed, 30 Nov 2011 12:41:31 +0000 Here is the mission statement from the Enforcement Manual published by the “Securities and Exchange Commission Division of Enforcement”:


Mission Statement

The Division’s mission is to protect investors and the markets by investigating potential violations of the federal securities laws and litigating the SEC’s enforcement actions. Values integral to that mission are:
• Integrity: acting honestly, forthrightly, and impartially in every aspect of our work.
• Fairness: assuring that everyone receives fair and respectful treatment, without regard to wealth, social standing, publicity, politics, or personal characteristics.
• Passion: recognizing the importance of and caring deeply about our mission of protecting investors and markets.
• Teamwork: supporting and cooperating with colleagues and other Divisions and Offices at the SEC and fellow law enforcement professionals.

I doubt that anyone at the SEC over the past decade has ever actually read this mission statement. Surely, if they had, they would hang their heads in shame and tender their resignations en masse.

Everyone who is charged with oversight of the SEC should be equally ashamed. My compliments and gratitude to Ms. Frankel and to Judge Jed Rakoff, as well. It falls far short of a RICO prosecution, but it’s a start.

By: OneOfTheSheep Wed, 30 Nov 2011 08:25:47 +0000 My compliments and gratitude to Ms. Frankel for this article and to Judge Jed Rakoff for standing up for “we, the people”.

For all too long the “public interest” has been misinterpreted as being “we, the bureaucracy” or “we, the connected”. It is utterly refreshing to find there are still those wearing the robes who believe a government of laws superior to a government of men (all too corruptible).

By: KnightPC Wed, 30 Nov 2011 05:19:08 +0000 For all those feeling self-righteous that the SEC got the public embarassment it deserves, consider for a moment that Congress – our representatives – often severely underfunds the SEC (and other regulatory agencies, most recently the CFTC) and puts them in a position of weakness in enforcement cases because corporations know they do not have the resources to do a full investigation. SEC is left to take the best deal on offer.

By: vh070 Wed, 30 Nov 2011 02:41:13 +0000 I guess Citi paid for a particularly fine lunch during settlement negotiations and also offered up some fine cigars. Sounds like an awfully clubby relationship.

By: fiigtree1 Wed, 30 Nov 2011 01:16:38 +0000 When a Judge takes the time to express what, the pulse of america is thinking, and quite tried of. It stands to reason, that the verbal gymnastic need to be exposed for what it is.
How long must the public mindset be represented by sooth sayers, who are more than likely in bed with the decievers.
We are in a world recession/depression, and people like Citi put us there. billions of peoples lives have been irrevocably changed for the worse, and it is quite obvious, that this was a well thought out plan, very intentional.
God bless the soul who stands up for the way the truth and the life.

By: tmc Tue, 29 Nov 2011 21:42:08 +0000 The US government needs to be re-booted.