Mindless SEC

I’m Tom Dwyer,

Judge Jed Rakoff’s recent rejection of a proposed near three hundred million dollar settlement between the Securities and Exchange Commission and Citi Group is reason for hope.

The S E C typically settles cases without trial, admission of guilt, or establishment of facts.  Judge Rakoff called that practice “hallowed by history, but not by reason” and “neither fair, reasonable, adequate, or in the public interest” because it doesn’t provide evidence on which to judge a settlement.

He went on to say “…in cases concerning the transparency of financial markets… there is an overriding public interest in knowing the truth.  In much of the world propaganda reigns… but the S E C has a statutory mission to see that truth emerges.  If it fails, this Court must not, in the name of deference or convenience, grant judicial enforcement to the agency’s contrivances.”

Cudos Judge Rakoff your comments are  refreshing !!!

By phone at (five oh three, two three oh, twenty three hundred) or online at (tom dwyer dot com) we’re Tom Dwyer Automotive Services… trusted to keep your vehicles, safe, breakdown-free and operating at their best!

(c)2011 Tom Dwyer Automotive Services

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