By William K. Black
Quito: Happy St. Patrick’s Day 2015
“Yves Smith” has a distressingly wonderful column in her blog, NakedCapitalism, on the SEC’s Andrew Bowden. The SEC Chair, Mary Jo White, needs to read it and walk to Bowden’s office and tell him she needs his resignation letter on her desk by noon or she will terminate his employment. When the SEC appointed Bowden as its lead examiner it put out a press release that purported that his unit was hiring folks from the industry like Bowden, which was going to make it a competent, kick-ass regulator.
“The SEC’s National Exam Program conducts inspections and examinations of SEC-registered investment advisers, investment companies, broker-dealers, self-regulatory organizations, clearing agencies, and transfer agents. OCIE has adopted a risk-focused examination program, hired industry experts, leveraged technology to increase efficiency, and launched a training program focused on quality and consistency. These initiatives have enabled OCIE to more effectively fulfill its mission to promote compliance with U.S. securities laws, prevent fraud, monitor risk, and inform SEC policy.”
