Posted Jan 28, 2013 by Martin Armstrong
Mary Jo White is from NYC. There will be no change at the SEC. She was a prosecutor for US Department of Justice in Southern District of New York and is familiar with the practice there of changing transcripts of what takes place in court, see US v Zicetello, She never prosecuted the bankers. The SEC prosecutions are civil. Even Goldman Sachs has pled guilty more than once. The routine is well known and nothing will ever change.
- SEC finds wrongdoing by firm X.
- Firm X denies allegations.
- SEC and firm X negotiate and agree to settle case.
- Firm X pays Y million dollars to settle, does not admit nor deny guilt yet promises to never break the rules again.
- SEC announces victory.
- Go back to Step ONE and Repeat.