Tag Archives: SEC

Chuck Schumer – more $ to S.E.C.

My favorite financial journalist, Teri Buhl, just sent me her notes from New York Senator Schumer’s press call. As follows (these are notes, mind you, not a polished article)

Wants to get legislation that all the fees the SEC collects from financial institutions go the SEC ( a novel ideal -did not that know doesn’t happen now)  In 2007, they collected $1.5bn in fees and only got $881m. If passed this could increase budget by more than 75%. money now goes to a general regulation budget and get dispersed out. He wants them to self- fund like the FDIC is suppose to when it bills banks.
Chuck says – “the fight between Wall Street and the SEC isn’t fair because they don’t have enough money to hire/retain talent.” – Basically they need to spend more to get smarter people. Wow! Agovt offical admits you have to pay for talent.
He thinks if they get more money they will spend it on hiring talent ( is that ever wishful thinking) or[more likely] spend it on updating their drab offices and 1980’s computer system. [My money’s on redecorating the offices, $0 on new computers, lot$ on higher existing staff salaries, $0 on better talent – CF]
Chuck says – SEC’s Shaperio supports this move (I would hope so).


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SEC on Madoff: We were distracted and we blew it

Hello, Sailor!
Hello, Sailor!

“There was this chick by the fishtank”, SEC inspector explains.


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SEC – oh yeah, who says we can’t catch crooks?

SEC Chairman Christopher Cox announced today that his forces had snuffed out a $23 million ponzi scheme in Florida that was preying on the Haitian-American community. “Anyone can catch a great, big, $50 billion scandal,” Cox asserted at a press conference today. “It’s much much harder to find the tinsy bitty ones. Besides, we’re all about protecting the little guy – Colombian drug dealers,can look after themselves. they got a problem with Madoff and Noel, I’m sure they’ll handle it.”

With that, Cox terminated the conference. “Now that I’ve done what I’m paid to do,” he announced, “I’m going home. Happy New Year.”

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