SEC Official Claims Over 50% of Private Equity Audits Reveal Criminal Behavior

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Last week, Yves Smith of Naked Capitalism penned a fantastic piece leveraging a talk by SEC official Drew Bowden. Mr. Bowden heads the SEC’s examinations unit, and at a private equity conference he explained that more than 50 percent of private equity firms it has audited have engaged in serious infractions of securities laws.
What is so incredible about the talk, is that while Bowden goes into details of shady practice after shady practice, he ultimately admits that the SEC isn’t being particularly aggressive with the private equity industry because we believe that most people in the industry are trying to do the right thing, to help their clients, to grow their business, and to provide for their owners and employees.”
Yes, go ahead and read that again
. The industry regulator is assuming that private equity firms are trying to do the right thing, despite the fact that audits demonstrated to a tune of greater than 50% the opposite to be true. [Read more...]

Keiser Report: America’s Moral Code Authorizes Financial System Plunder

In the latest episode of the Keiser Report, Max Keiser and Stacy Herbert discuss the American legal system that authorizes plunder, a moral code that glorifies it and a financial system that profits from it. In the second half of the show, Max Keiser talks to Professor Steven A. Ramirez, a former Enforcement Attorney at the US Securities and Exchange Commission, about the broken social contract, when that contract got broken and how to mend it. [Read more...]

Obama Turning on Wall Street Handlers? Former Prosecutor Who Broke up the NY Mob Tabbed to Lead SEC

It appears Obama is attempting to turn on his bankster handlers, as news Friday surfaced that Mary Jo White, the prosecutor who busted the NY mob has been tabbed to head up the SEC.
White would become the first ever former prosecutor to lead the SEC.

Are the first real bankster prosecutions of the financial crisis imminent?
[Read more...]