The SEC, having more or less failed in its regulatory mission for more than a decade, now talks about customizing punishments for the Wall Street crowd.
It’s great to ban obvious fraudsters from further work in the securities industry, but what’s needed is prosecution of the senior management and boards of directors who made such fraud standard operating procedure.
So far, a few fines and slaps on the wrist have not changed the Wall Street culture.
The prospect of prison time, together with the seizure of personal and corporate assets, is the only way these crooks and their shareholders will understand that the government means business.
Gorilla says: “You must believe the golden parachute will not open, all else is a waste of time!”