Petition for SEC reform

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Petition for SEC reform

Postby KrusherKailash » Tue Aug 23, 2011 6:30 am

This is a letter I just wrote and sent to both of my senators (Hagan and Burr) and my representative (David Price).
Read it over. If you think it has merit, modify it to fit your district and send it to your representatives.
you can contact your representatives at:
http://www.senate.gov
or
http://www.house.gov

Also, if you think it has merit, send it to as many people as you know and ask them to contact their representatives.


Dear (Senator / Representative) (Name),

Recently, the FAA passed regulations that ban ex-FAA aircraft inspection personnel from taking employment offers from private airlines for a minimum of two years. This is to prevent any appearance of impropriety or actual ethics violations that may potentially result in catastrophe. I think this is a great and welcomed position for the FAA to take. It places the public good first.

The reason that I am writing you is that I would like to see the SEC follow a similar path. Unfortunately, I do not see the same sense of responsibility and integrity emanating from SEC personnel. It seems that upper-level investigators, entrusted to investigate corporate criminality and ensure public safety, use the SEC as launchpad towards obtaining high-paying Wall Street jobs. They turn around and defend the practices of firms that they may have been criminally investigating just days before.

This practice is unconscionable and, as seen over the last few years, has contributed a great deal to the damage our economy has suffered. As such, I petition you, as an elected representative of the Great State of (Your State), to sponsor legislation that would prevent any SEC employee from gaining employment with any Wall Street firm for a minimum of two years after terminating employment with the SEC.

Thank you for your time and consideration.

This will be the first of many letters of petition on this matter.



And please post a reply if you have contacted your representatives. It would be great to know.
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Re: Petition for SEC reform

Postby lakepsailor » Sat Aug 27, 2011 11:58 pm

:lol: For a second there I was wondering why the Southeastern Conference needed reforming.

On a more serious note, I like the letter and I imagine applicable to other agencies as well as the SEC.
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Re: Petition for SEC reform

Postby hondo69 » Fri Sep 09, 2011 8:10 pm

After the Bernie Madoff disaster (and many others) the SEC realized they were on the edge of distinction. As much as it pains me to say it they've done a pretty remarkable job of reorganizing and heading in the right direction over the past 12 months.

But in my opinion it's too late, the damage is done. They're facing years of litigation that will drag down the entire machine. Kill it now and start over with a true oversight organization with some real teeth and transparent operations.
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Re: Petition for SEC reform

Postby hondo69 » Fri Sep 09, 2011 8:13 pm

lakepsailor wrote:For a second there I was wondering why the Southeastern Conference needed reforming.


Poor Aggies
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Re: Petition for SEC reform

Postby Gregg » Sun Sep 11, 2011 7:49 pm

I like the letter. But, it is a waste of time. Reputable people warned the SEC about Bernie Madoff and Alan Stanford, but the SEC does not want to find things and enforce the law where there may be political repurcussions. And, there are always political repercussions with regulatory action against the bad players in good times. It's only when the bad times come do the regulators get tough...and then it's usually with both the bad and the good players.
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Re: Petition for SEC reform

Postby lakepsailor » Sun Sep 11, 2011 8:23 pm

Gregg wrote:I like the letter. But, it is a waste of time. Reputable people warned the SEC about Bernie Madoff and Alan Stanford, but the SEC does not want to find things and enforce the law where there may be political repurcussions. And, there are always political repercussions with regulatory action against the bad players in good times. It's only when the bad times come do the regulators get tough...and then it's usually with both the bad and the good players.


So you'd simply sit on your hands and let things continue as they are? Maybe it is a waste of time. Then again, maybe it isn't. We have an election coming up and every Congresscritter is up along with 1/3rd of the Senators. It's amazing what people will do to save their phony baloney jobs.
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