SEC's Schapiro Asks for Tougher Penalty Powers.

[elleng]

Source: nyt/reuters

U.S. Securities and Exchange Commission Chairman Mary Schapiro is asking Congress to expand its powers so it can impose tougher financial penalties against wrongdoers on Wall Street.

Schapiro's request, in a November 28 letter to two U.S. senators, comes as the agency is under fire for entering settlements that a federal judge criticized as too lenient.

On the same day that Schapiro spelled out her legislative wish-list to Congress, a federal judge in New York threw out the agency's proposed $285 million settlement with Citigroup Inc over the sale of toxic mortgage debt during the financial crisis.

U.S. District Judge Jed Rakoff called the monetary fine component of the settlement "pocket change" and said investors were being "short-changed."



Read more: http://www.nytimes.com/reuters/2011/11/29/us/politics/politics-us-sec-penalties.html?hp

[Kingofalldems]

1. Another victory for OWS

[elleng]

3. Yes

[PSPS]

2. Don't hold your breath. The senate is the very definition of the 1%.

[elleng]

4. Yes

[No Elephants]

7. So is Schapiro.

[DeSwiss]

5. K&R

The problems we face today cannot be solved by the minds that created them. – Albert Einstein

[castnet55]

6. SEC

I sure hope that this judge rakes these bad boys over the coals. The SEC needs to be able to levy the max of 10 million at least and I'ld love to see some jail time in there too.

[No Elephants]

8. Schapiro heading the SEC is a damned joke.