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More SEC Excuses

By Mark H. Astarita, Esq.

?We use virtually all our resources to pursue fires,? theSecurities and Exchange Commission?s enforcement chief, LindaThomsen, said in draft testimony obtained by Bloomberg for aSenate Banking Committee hearing today. ?Additional resourceswould give us the capacity to pursue smoke before it becomes afire.?It's a great line. It's even true, but it has always been true. The SEC is always at the scene, late, when the building is engulfed in flames.Will more money make them faster? Maybe. I have always said that they were understaffed and overworked. But maybe they should work smarter, reallocate resources and stop wasting weeks of resources on 10,000 bookkeeping errors.More to the point - as right as Ms. Thompson might be, that is not an excuse for missing Madoff...continue to full post

Full post as published by SECLaw.com on January 27, 2009 (boomark / email).