http://www.nytimes.com/2010/02/28/ma...l?ref=business
Read the whole thing - it's not long. I'm excerpting my favorite part:
I'm going to reverse the format, and bold his replies.
Quote:
In the year since you testified before Congress about the S.E.C.’s failures, many of the agency’s employees have been replaced.
They’ve redisorganized. They redisorganized the enforcement unit. I actually approve of that. I think Robert Khuzami, the new head of the enforcement division, has got fire in his belly.
Are you saying the S.E.C. under Schapiro is about to catch fraud on Wall Street?
She has the wrong staff. They’re a bunch of idiots there.
What do you mean?
The five commissioners of the S.E.C. are securities lawyers. Securities lawyers never understand finance. They don’t have the math background. If you can’t do math and if you can’t take apart the investment products of the 21st century backward and forward and put them together in your sleep, you’ll never find the frauds on Wall Street.
So why doesn’t the S.E.C. hire finance people? Why don’t they hire you?
They’re overlawyered. They’re poisoned by lawyers.
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Hmmmm. They need math people, you say?
02-28-2010, 03:35 PM
Markopolos lays the smack down on the SEC
Linear Mode
