“Our goal is always to maximize the return to investors,” Ms. Schapiro said. “If we had to litigate every case, we would bring a lot fewer cases.”
Uhmmm, excuse me? Your duty was to maximize the return to [Wall Street] investors? Since when? According to the SEC's own website their duty is the following:
The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.In other words their duty is to enforce securities law, not act as the personal henchmen of Wall Street Super Crooks. This statement alone should have been enough to start a corruption investigation if we had an actual government of laws instead of one of men. Can you imagine if your local police chief publicly said their duty was to maximize the profits of the mob? They would be brought up on charges by the FBI faster than you can say 'crook'. Somehow when Mary said the equivalent President Obama not only didn't bat an eyelash, he gave her a hearty 'well done'.
|Sorry this isn't from the Onion, this fraud actually said this.|
Read more about Wall Street's favorite Non-Regulator:http://dealbook.nytimes.com/2012/02/22/s-e-c-chairwoman-defends-settlement-practices/