March 30th in Accountancy News, Banking, Lehman, News, Repo 105 by Editor .
SEC looks for more Repo 105s
Mary Schapiro, chairman of the SEC, told CNBC: “We are looking at the Lehman activity very, very carefully and all the issues surrounding Repo 105.”
The controversial accounting practice is getting lots of attention in the U.S…
April 2, 2010
What more can one say about the SEC, which has been too busy with tackling matters after the fact. Even this approach appears to be misplaced, as it will look to prosecute matters which until now may not have been illegal and for which many of these major financial institutions have taken internal actions to address so that they don’t have a situation similar to that of Lehman Brothers. This would appear to be another instance where the SEC will mismanage their limited resources, being late to the party and prosecute something that doesn’t require prosecution, simply because for public appearances it looks like they are doing their job. The SEC needs to focus its energies on real, substantive investigations that will protect public investors.
April 6, 2010
Sounds like you just described the FSA at the same time.