The WSJ is reporting that back in 2003, the SEC tried to remove the restrictions on compromised security analysts that tried to prevent them from whoring out recommendations for banking business.
Similar to the prostitution of the ratings agencies, the SEC somehow thought it was okay for iBanks to fuck their stock buying investors, just so long as they got paid enough in banking fees to justify the screwing.
The Securities and Exchange Commission joined 12 Wall Street firms in seeking to scrap a key portion of a landmark 2003 deal that put strict curbs on stock analysts, a move that could heighten the ongoing debate about a broad overhaul of the financial-regulatory system.
In a ruling Monday, U.S. District Judge William H. Pauley III in New York rejected a proposed change to the legal settlement put in place to end abuses on Wall Street. The proposal would have allowed employees in investment-banking and research departments at Wall Street firms to “communicate with each other…outside of the presence” of lawyers or compliance-department officials responsible for policing employee conduct—an activity strictly prohibited by the settlement.
Thank goodness for the judge. This is utterly contemptible.
Like the last scene in Spartacus, I want to see a row of heads on pikes, and crucifixions stretching from Washington DC to Wall Street. I am beyond disgusted.
SEC Tried to Ease Curbs
WSJ, MARCH 17, 2010