Agoracom Blog

Video: SEC Ignoring Fraud At Big Caps, Focuses On Easier Small Caps – Matt Taibbi

Posted by AGORACOM at 10:34 AM on Thursday, May 31st, 2012

I’ll be the first guy to support weeding out small-cap fraud – but I’ll also be the first guy to tell you that big cap fraud is:

  • Far worse
  • Goes unpunished
I believe there are several reasons big caps go unpunished, including deeper pockets, better connections and whopper sized embarrassment for regulators that should have caught things sooner.  Of course, this has always been my belief and instinct, with no evidence to back it up … until now.
Matt Taibbi of Rolling Stone wrote an article last year titled Is The SEC Covering Up Wall Street Crimes?  It was incredibly damning, which only further infuriated everyone who shares my dismay at the fact nobody on Wall Street has been punished for filling their pockets at the risk of the entire global financial system.
If you didn’t get a chance to read the article (a must read), here is a short recent interview with Matt and Elliot Spitzer on the subject.

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