“Wall Street’s Top Cop: SEC Tries to Rebuild Its Reputation,” an interesting piece on page 1 of The Wall Street Journal today, traces the enforcement actions of the Securities and Exchange Commission since the financial crisis reached meltdown five years ago.
The agency is still smarting from suggestions that too little was done to punish Wall Street fat cats for the supposed malfeasance behind the financial crisis, the article says. Actually the SEC brought civil charges against 138 companies and individuals related to the crisis, and garnered $2.7 billion in fines, forfeited gains and other penalties, the Journal says, enumerating them in a timeline graphic.
But the gummy bear image persists in Washington, the story says, so leaders at the SEC feel they’ve got something to prove. For example …
In April, former federal prosecutor Mary Jo White started work as SEC chairman with a simple enforcement motto:
“You have to be tough.”
As crisis-era cases run their course, the SEC will redeploy resources to new enforcement actions, the paper reports.