As if the SEC could be humiliated any more, another piece of disclosure now highlights that Mary Schapiro’s useless organization was unresponsive to whistleblower overtures by former Moody’s employees attempting to warn the regulator “about Moody’s weak compliance department and ratings process.”
Every person at SEC who ignored whistleblowers or blocked an investigation should have their financial records audited to determine if they received anything for doing so. This includes cushy job offers, sweetheart real estate deals, everything.
What happened at the SEC goes way beyond incompetence. Pretending to be incompetent is often used as a way to cover up corruption and illegality. How deep is the rot at SEC?