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Thursday, November 10, 2011

SEC Brags About "Record Results"

The SEC posted this news release bragging about its "Record Results" over the past year. Everyone knows that the SEC considers itself to be the enforcer of financial markets, but does anyone else find it a bit odd that they issue a press release emphasizing their record results by the number of prosecutions it brings? Only in Obamaville does this seem appropriate.

“We continue to build an unmatched record of holding wrongdoers accountable and returning money to harmed investors,” said SEC Chairman Mary L. Schapiro. “I am proud of our Enforcement Division’s many talented professionals and their efforts that resulted in a broad array of significant enforcement actions, including those related to the financial crisis and its aftermath.”

The press release just seems strange. It also forgot to mention that they've also dramatically increased staff and costs to operate and now have 103 employees who make $225,000 or more at the agency. Not bad for government work...