Forum Post: Head of Wall Street regulator announced today that she's stepping down to be replaced by someone who also favors the status quo
Posted 5 years ago on Nov. 26, 2012, 3:26 p.m. EST by toobighasfailed
This content is user submitted and not an official statement
What does this mean? It means that we're not likely to see real reform on Wall Street. For a detailed analysis, see this piece on what's been good/bad over the past 4 years.
Here's a clip:
"The agency often touts its $550 million fine of Goldman Sachs for cooking up subprime-stuffed CDOs, but that fine was a rounding error for Goldman and far lower than the money Goldman made in the years ahead of the crisis. One SEC settlement, with Bank of America, over the bank's disclosures about its Merrill Lynch merger, was slapped down by U.S. District Judge Jed Rakoff as being embarrassingly lenient."