I agree with your assessment of the recent changes in how the government treats those accused of financial fraud.
Every so often CNBC brings on Harvey Cox, a former SEC commissioner, who subtly criticizes how government treated the Enron, Worldcom executives, plus Koslowski, the convicted CEO of Tyco International.
Then he'll start in on current SEC and DOJ policy changes initiated by current SEC commissioner Mary Shapiro.
Cox is only one example of how Wall Street makes sure one of its own heads up the SEC, and, I should add, the Treasury Department.
Another example has to do with retail stockbrokers who churn a client's account into next to nothing. Clients have the right to bring formal complaints before an arbitrage panel. Interestingly, the arbitrage panel, among others, consists of employees who work for the brokerage firm.
What do you think the chances are the retail brokerage client will receive fair and impartial treatment? Almost invariably, the panel will side with the broker who churned the account.
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