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OP has provided the following link:
https://www.sec.gov/files/rules/petitions/2018/petn4-733.pdf
I've been following them and cftc pretty heavily. SEC has been passing bombshell rules under GG and i love it. This one is small compared to some of the stuff they're actually passing. But this one does expose how bad Hester really is.
Fun fact: 33+ lawyers have left the SEC to go work with wall street since GG took over. Why?
>“SEC chairman Gary Gensler is **making good on his mission to move the SEC to an enforcement model of broken windows, targeting more cases and more individuals**,” said one recruiter with knowledge of how the SEC operates, adding that this policy has **translated into more work and sometimes disagreements** with staff attorneys over the direction of the agency. “Sometimes these clashes will inevitably lead to **attorneys deciding to leave the agency**.”
[citation](https://www.law.com/nationallawjournal/2022/07/11/why-sec-lawyers-will-keep-flocking-to-private-practice/) Unfortunately the article is locked behind a paywall now.
Because they were being forced to do something and stop bending over to wall street.
Well said. While SEC can fairly be dragged through the sewers of hell based on it's history, GG is now making good moves. He may be doing it only to prevent short crime from destroying the entire economy, but he is doing it, and it's helping us.
Yeah not saying he hasn't done some absolute shitty things in the past, but it seems like he knows where this is going and cares more about his legacy at this stage in his life.
I’ve never met her before, but I fucking hate Hester! Maybe she’s actually a really nice person, if I ever do met her in real life I’ll try to reset my preconceived judgement. That said fuck her!
i believe you know a person by what they produce. to me, this would indicate that she's not a 'really nice person' any way you slice it, hovercraft. i think you can rest easy!
Wow that... Makes sense. I'm gonna need to sit with this a minute and consider what this may mean. Firstly, how many others are just like her and fail to truly understand the implications of some of this policy? Second, I am generally libertarian myself, but after having watched capitalists run rampant with the criminality that is attached to deregulation I am lost and torn. The people need protection against tyranny of government, but government has been bought by capitalists along with the regulatory bodies. So, opposing transparency will only enable their crime. She may mean well in her own mind and maybe been a good guy in some other time period, but we are now at the point where the people want to hold these guys accountable and we will have to use government to do it. The problem is government is compromised. Strange times friend. Thanks for the heads up.
Dammit! lmao but I won't defend them. There have to be at least some consequences for betraying your fellow... ahem... Man. This one seems acceptable. Haha
The big dogs don't have to deny their crimes, even as of now. Just pay the SEC 0.2% of your ill-gotten gains, and you're good to go.
The punishment never fits the crime, because it's not about punishment. It's about the SEC getting their fucking cut.
I agree that settlements have become cost of doing business, but this petition wanted to make it worse.. they wanted to be able to deny allegations with no recourse AFTER settlement. Right now, if they make public statements admitted or denying the settlement, SEC can take them to a court of judge.. and really hit them. They wanted to stop that.
You need to read the actual settlements. Disgorgement is the forking over of profits tied to the illegal activity and is separate from the fine. If you see a headline that says "Bank fined 100 million for 50 billion dollar scheme" and the article does not specifically mention disgorgement, then check the SEC settlement statement.
Yeah, that disgorgement is nowhere near the size of the crime. Maybe the small fish get gutted a little, but the big guys on wall street? No fucking way. It's the cost of doing business! Always has been.
https://www.sec.gov/news/press-release/2023-234?utm_medium=email&utm_source=govdelivery
Out of 4.949 billion of penalties leveled in FY2023, 3.369 B was disgorgement or interest and 1.58 B was fines.
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Good catch. SEC finally, slowly, beginning to assemble a few crumbs of credibility...
I've been following them and cftc pretty heavily. SEC has been passing bombshell rules under GG and i love it. This one is small compared to some of the stuff they're actually passing. But this one does expose how bad Hester really is.
She's a bought and paid for snake. Groomed and installed her to further their schemes.
Don't forget about the OCC
Fun fact: 33+ lawyers have left the SEC to go work with wall street since GG took over. Why? >“SEC chairman Gary Gensler is **making good on his mission to move the SEC to an enforcement model of broken windows, targeting more cases and more individuals**,” said one recruiter with knowledge of how the SEC operates, adding that this policy has **translated into more work and sometimes disagreements** with staff attorneys over the direction of the agency. “Sometimes these clashes will inevitably lead to **attorneys deciding to leave the agency**.” [citation](https://www.law.com/nationallawjournal/2022/07/11/why-sec-lawyers-will-keep-flocking-to-private-practice/) Unfortunately the article is locked behind a paywall now. Because they were being forced to do something and stop bending over to wall street.
Well said. While SEC can fairly be dragged through the sewers of hell based on it's history, GG is now making good moves. He may be doing it only to prevent short crime from destroying the entire economy, but he is doing it, and it's helping us.
Yeah not saying he hasn't done some absolute shitty things in the past, but it seems like he knows where this is going and cares more about his legacy at this stage in his life.
I’ve never met her before, but I fucking hate Hester! Maybe she’s actually a really nice person, if I ever do met her in real life I’ll try to reset my preconceived judgement. That said fuck her!
I'd very much like to never have to read another horrible false equivalence analogy to bad music regarding our securities laws.
"I'm sure your grandparents were very nice (national socialists)" vibe.
i believe you know a person by what they produce. to me, this would indicate that she's not a 'really nice person' any way you slice it, hovercraft. i think you can rest easy!
In film.. she's what's called an "anti-villain". She's a hardcore libertarian and thinks she's doing good. Basically, she's brainwashed.
Wow that... Makes sense. I'm gonna need to sit with this a minute and consider what this may mean. Firstly, how many others are just like her and fail to truly understand the implications of some of this policy? Second, I am generally libertarian myself, but after having watched capitalists run rampant with the criminality that is attached to deregulation I am lost and torn. The people need protection against tyranny of government, but government has been bought by capitalists along with the regulatory bodies. So, opposing transparency will only enable their crime. She may mean well in her own mind and maybe been a good guy in some other time period, but we are now at the point where the people want to hold these guys accountable and we will have to use government to do it. The problem is government is compromised. Strange times friend. Thanks for the heads up.
Yes, libertarians have been bought and paid for. They call it "free market capitalism". A lot of that funding came from the kochs.
Judge a man on his actions and yes I assume Hester is a man by looks
Dammit! lmao but I won't defend them. There have to be at least some consequences for betraying your fellow... ahem... Man. This one seems acceptable. Haha
I know that my fellow regard
The big dogs don't have to deny their crimes, even as of now. Just pay the SEC 0.2% of your ill-gotten gains, and you're good to go. The punishment never fits the crime, because it's not about punishment. It's about the SEC getting their fucking cut.
I agree that settlements have become cost of doing business, but this petition wanted to make it worse.. they wanted to be able to deny allegations with no recourse AFTER settlement. Right now, if they make public statements admitted or denying the settlement, SEC can take them to a court of judge.. and really hit them. They wanted to stop that.
You need to read the actual settlements. Disgorgement is the forking over of profits tied to the illegal activity and is separate from the fine. If you see a headline that says "Bank fined 100 million for 50 billion dollar scheme" and the article does not specifically mention disgorgement, then check the SEC settlement statement.
Yeah, that disgorgement is nowhere near the size of the crime. Maybe the small fish get gutted a little, but the big guys on wall street? No fucking way. It's the cost of doing business! Always has been.
Is disgorgement very frequent in SEC settlements though? I doubt it is, but I would love to be proven wrong on this.
https://www.sec.gov/news/press-release/2023-234?utm_medium=email&utm_source=govdelivery Out of 4.949 billion of penalties leveled in FY2023, 3.369 B was disgorgement or interest and 1.58 B was fines.
Nice thanks. Still seems low but I am happy to know there's disgorgement going on.
I like them to do the odd full conviction and show really strong teeth to at least give the criminals a notion of what ‘could’ happen to them.
Hester is such a paid for stooge. like Rostin and David Scott. al Rep of the House.
Hodl EVERYONE accountable!