One more in a stream of "trickle" fine stories? It is painfully obvious that government, mainly in the form of the SEC, was and continues to be inadequate in dealing with the outlaw banking industry. Put simply, we the taxpayer bailed out an entire industry that was not in the banking industry at all but was and from this window continues to be in the illegal gambling industry: This is the clear mosaic pieced together from of all these little slap on the wrist SEC enforcement actions trickling into the news - and it will continue for years. It reminds one of a Ralph Nader presidential campaign issue from years ago when he alone brought up the issue that there were corporations that deserved nothing less than to be de-chartered - forced into non-existence because they had a clear and long history of immoral, unethical and illegal conduct, year after year, decade after decade. Anyway, we as a society should consider taking the exclusive regulatory control away from the SEC - the Executive Branch of our federal government, and returning the control to where it belongs - in the third branch of government, in the Courtroom with individuals having the cause of action and rights to a remedy that big government has taken from us. Of course this is the turn of the 20th century "Boss Tweed" story all over again, this time on a national level. Some things under the Sun never do really change.
Merrill Pays $10 Million to Settle Claims It Misused Customer Info - Law Blog - WSJ:
