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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: Mike M2 who wrote (145824)1/24/2002 5:24:34 AM
From: KeepItSimple  Read Replies (1) of 436258
 
The reason the SEC only goes after 15 yr old hypesters on the yahoo boards or 3 year old stories like trump casinos is simple: those guys will never be offering cushy "jobs" to SEC officials after they retire from public service.

Most SEC officials go straight into consulting gigs with big brokerages or banks as soon as they go private. In other words, the SEC officials are hopelessly tainted and corrupt, IMO. They will never bite the hand that always feeds them in the future. Period.

This situation is corrupt in exactly the same way as accounting firms offering consulting services to companies they audit- except in a SEC employee's case the consulting occurs after they leave public service! Of course you're going to let a lot of sleaze go unpunished if the sleazemasters are going to hire you in the future with a 200k per year salary for doing nothing but sitting on your ass and lending "SEC credibility" to their firm!

Clearly this is the only reason the SEC has a 100% track record of turning a blind eye to all manner of fraud and corruption on wall street while making token busts of 14 year old kids every few months for running investment schemes.

The SEC is corrupt. Expect it to be a news item very shortly.

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John, my feeling is the SEC will come down hard only when we reach the point where so many people are burned that confidence in our markets is lost. I don't know if we are at that point yet but Enron is a start. The SEc would rather go after 15 yr olds-g- mike
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