The U.S. Securities Exchange Commission (SEC) is tasked with holding financial criminals – such as those who led the global economy to the brink in 2008 – accountable for their actions. Since the beginning of the Obama presidency, many have hoped that the previous years of virtual permission to commit financial crimes would become history and that justice would finally be served. Unfortunately, according to a new report from the Wall Street Journal, it appears that many of the efforts to do just that have petered out in the past few years.
Since 2009, when SEC chief Mary Schapiro vowed to take on Wall Street's well-known but hushed-up criminal behaviors, only 105 individuals have been prosecuted by the federal government. Of those, 59 were allowed to settle without explicitly admitting wrongdoing – a key issue in the eyes of many observers. All too often, the SEC was more than willing to extract a paltry sum – usually in the tens of millions of dollars – even though the perpetrators, always unnamed, reaped hundreds of millions or even billions of dollars as a result of their unlawful activities.
In late 2009, the SEC was in the process of litigating Bank of America for improprieties in its mortgage-origination division. The federal government ultimately settled with the banking giant for $150 million, although it was not required to admit any guilt. The judge presiding over the case was quoted at the time as saying, "While better than nothing, this is half-baked justice at best."
In the end, this development isn't surprising, given the Obama administration's effective coddling of the financial industry. Given the fact that these crimes could be continuing to this day, Americans need to do more to become financially independent, which includes utilizing cash flow real estate and automated trading software to deliver real results. Continue exploring Great Wealth Strategies today to learn more!