Thread: SEC redacts report incriminating SEC

The report, by Inspector General H. David Kotz, was requested by Senator Charles Grassley to examine the role of regulators prior to the firm's collapse in March. Before it was released to the public on Sept. 26, Kotz deleted 136 references, many detailing SEC memos, meetings or comments, at the request of the agency's Division of Trading and Markets that oversees investment banks.



``People can judge for themselves, but it sure looks like the SEC didn't want the public to know about the red flags it apparently ignored in allowing Bear Stearns and other investment banks to engage in excessively risky behavior,'' the Iowa Republican said in an e-mailed statement.



An unedited version of the 137-page study posted to Grassley's Web site Sept. 26 showed that Bear Stearns traders used pricing models for mortgage securities that ``rarely mentioned'' default risk.

Bloomberg.com: Exclusive

Like I said, let em rot. My uneducated guess is that the economy would have been fine if we'd treated these crooks like average citizens and left them fucked in the lurch. Instead we gave them our children's money so they can reinvest in another country and now we get to sit here and be insulted while they tie up loose ends right in front of us.

Whoops. Sorry mods. My browser errored out posting the last one. Please delete this thread.