Wall Street Backs Higher SEC Budget

http://www.futureofcapitalism.com/2011/02/wall-street-backs-higher-sec-budget

Forty-one "prominent securities lawyers and professionals" have written to Congress asking that the Securities Exchange Commission be allowed to fund itself at whatever level it wants, without congressional appropriations or authorizations, the New York Times reports.

The Times's dispatch leaves out the doubtful constitutionality of this scheme and also omits the possibility that these "securities lawyers and professionals" who support the idea are hoping that SEC officials will remember their position and look kindly upon them then next time they have a matter before the commission. It's one thing to have the regulators captured by industry they regulate; in this case the industry seems to have been captured by the regulators.

by Ira Stoll  |  Feb 7, 2011 at 9:29 pm Related Topics:  SEC receive the latest by email: subscribe to the free futureofcapitalism.com mailing list