Transparency on Wall Street: SEC Chair Raises Weak Defenses
By Pam Martens and Russ Martens December 4, 2017
SEC Chair Jay Clayton Responds to Questioning During Senate Banking Committee Hearing, September 26, 2017
excerpted:
“Looking back at enforcement actions, a common theme emerges – where opacity exists, bad behavior tends to follow. As Joseph Pulitzer said: ‘There is not a crime, there is not a dodge, there is not a trick, there is not a swindle, there is not a vice which does not live by secrecy.’ The remainder of my remarks will concentrate on topics that have proven over time to be fertile ground for fraud on investors. The SEC may not yet have policy or rulemaking answers in these areas, but we are on the lookout for ways to fight the type of opacity that can create an environment conducive to misconduct.”
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