Blog on the Run: Reloaded

Monday, August 10, 2009 8:33 pm

“Entities don’t do bad stuff. People do bad stuff.”

Filed under: Hold! Them! Accountable! — Lex @ 8:33 pm
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And that, says Lynn Turner, former chief accountant for the Securities and Exchange Commission, is why merely fining companies like Bank of America for breaking SEC rules won’t solve the problem. “To stop that, people need to know the SEC is going to come down on them like a ton of bricks.”

Good luck with that, Lynn. Our government is held in thrall by the entities, and people, it is supposed to be regulating, so the taxpayers get screwed and investors get screwed twice.

Ken Lewis would have thought twice about withholding that info about bonuses for Merrill Lynch people from his shareholders if he had known that that bit of subterfuge would have cost him prison time … as it should have.

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