For the rich sleazoids who caused the Great Crash, it’s hard to decide which mansion to live in today. You losers should suffer for their entertainment.
|By: masaccio Sunday September 15, 2013 10:34 am|
|By: DSWright Tuesday July 23, 2013 9:55 am|
The former top law enforcer for the SEC, Robert S. Khuzami, has done what most Wall Street regulators end up doing – taking a lot of money from Wall Street and friends. Khuzami just landed himself a $5 million a year contract, with two years guaranteed, from Kirkland & Ellis, a law firm that makes a sizable portion of its revenues defending Wall Street from the government.
|By: masaccio Sunday December 2, 2012 10:45 am|
Robert Khuzami thinks settling with cheats and frauds is a great idea. Why bother with all that silly trial stuff? He must be right, he’s on the short list for SEC Chair.
|By: David Dayen Thursday November 29, 2012 10:56 am|
Mary Miller, a Treasury Department official seen as the expected pick for the next head of the SEC, dropped out of contention yesterday, leaving an unclear path forward. Elisse Walter, who was designated as the new chair, replacing the departing Mary Schapiro, is seen as a stopgap pick. But her elevation to the top slot means that the SEC is one member down on its commission, with a 2-2 split between Democrats and Republicans. This will likely stall out almost all its important initiatives in the coming months until a new commissioner gets nominated and confirmed, and unless the Administration wants to give credence to the theory that they want to tie the bureaucratic hands of a key financial regulator, they need to nominate someone soon.
Speculation has focused not on a career prosecutor or someone with a record of tough oversight of the financial industry, but Sallie Krawcheck, “a longtime Wall Street executive” from Bank of America, and Robert Khuzami, the current head of enforcement.
|By: David Dayen Monday November 26, 2012 10:26 am|
Schapiro’s replacement matters. Simon Johnson kicked this off a few days ago, juxtaposing the bona fides of Treasury Department under secretary for domestic finance Mary Miller (a former mutual fund executive) against former Special Inspector General for TARP Neil Barofsky. There’s no question than an experienced prosecutor like Barofsky would change the SEC’s culture, but there’s almost no chance he will ever hold another job in Washington, as he was specifically told by Herb Allison right at the beginning of his book Bailout.
|By: David Dayen Tuesday May 22, 2012 7:05 am|
Darren Samuelsohn takes a look at the much-maligned securitization fraud task force, which has come under criticism for, well, not doing much of anything since coming into existence. Let’s see how the leaders of the effort have responded to all that criticism.
|By: David Dayen Friday May 18, 2012 9:00 am|
Rep. Maxine Waters (D-CA), who is in line to take over as the lead Democrat on the Committee, actually referenced the interview I did with Elizabeth Warren yesterday, in questioning of Robert Khuzami, who is both the head of enforcement at the SEC and a co-chair of the RMBS working group, the panel that is supposed to be investigating fraudulent actions in the securitization of mortgages. Waters used the fact that Warren expressed no confidence in the working group or any other measures from the regulatory and law enforcement communities to hold banks accountable to launch into a series of questions about the RMBS working group and its progress.
|By: David Dayen Monday February 6, 2012 2:48 pm|
But there’s justice in the form of just compensation and there’s justice in the form of, well, what justice is always described as in a criminal context – deterrence. No financial penalty will do as much to prevent future conduct of this type as a senior executive being sent to jail. And the failure of having accountability on that level is like a festering wound at the heart of our politics.
|By: David Dayen Monday January 30, 2012 12:40 pm|
Douglas Holtz-Eakin, a Republican commissioner on the FCIC who did not sign onto the final report, made some statement to the media about how the FCIC already investigated the areas of inquiry concerning the crash of the housing bubble and found no criminal wrongdoing. But the Chair of the FCIC, Phil Angelides points to the FCIC’s report noting there were criminal referrals, and that was a year ago.
|By: David Dayen Wednesday January 25, 2012 12:15 pm|
There’s already a financial fraud task force. In fact, this Unit on Mortgage Origination and Securitization Abuses will be part of Obama’s “new” Financial Fraud Task Force. That originated in November 2009, based on legislation from Congress. And the same ineffective enforcement people are on the original group.