SEC Decides To Figure Out How Scams Work

This is one of those articles that makes you ask, what have they been doing.

From the WSJ:

The Securities and Exchange Commission, hoping for a better shot at catching the next big fraud, is working on plans to set up teams of specialists who focus on specific kinds of wrongdoing.

Robert Khuzami, the former federal prosecutor who started as the SEC’s enforcement chief in March, said his plans, which aren’t final yet, will make the agency “more smart, more swift and more successful.”

” ‘Specialization’ is a fancy term for being as smart as we can about how we do our job,” said Mr. Khuzami. “By better understanding products, markets and transactions…we can better identify trends and patterns.”

Let’s see, they’ve been in business for say sixty years give or take a few and they’re figuring out the bad guys know more than they do. Can we just fire them all and start over. How about hiring some mortgage brokers, real estate agents and ex-cons. They know how the cons work and probably will work for a lot less money than the SEC lawyers that are apparently mystified.

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