Monday, June 22, 2009

Yes, Virginia, there is a S.E.C.



The Securities and Exchange Commission, at least in the Southern District of Florida, is comprised of an incredibly talented group of smart, aggressive experienced lawyers who for the last two decades, have worked tirelessly to rid South Florida of financial crime. Every single day from 9 a.m. to 3:30 pursuant to union rules, the brave lawyers at the S.E.C. lay it on the line as the Protector of the People, the gatekeepers who ward off financial fraud in South Florida. And darn it, far be it from us to Monday Morning Quarterback their efforts. The proof is in the pudding, and financial fraud has pretty much been eradicated in South Florida.

So imagine our dismay upon reading that President Obama's administration is considering shifting some of the Commission's jurisdiction to other agencies. Specifically , the Commission may lose authority in three areas: 1) to the Federal Reserve Board to the extent that the latter is made the "systemic-risk regulator"; 2) to the Federal Deposit Insurance Corp. as the new czar over the liquidation of troubled financial institutions; and 3) to a new consumer protection agency that may be given broad jurisdiction over consumer financial products. I'm still scratching my head regarding the wisdom of divesting a regulatory agency of authority, when it is firing on all cylinders and fulfilling its charge.

As I read it, the proposed changes would pretty much leave the S.E.C. free from the distraction of silly stuff like Madoff and Stanford , so it may focus on the challenge of ferreting out sophisticated boiler room pump and dump penny stock manipulators in Boca.

Well, that's it for me. Its been my privilege to keep the chair warm and serve as Toymaker to The King. Like you, I look forward to the return of The Big Man. I'll leave you with a final tune, and share what I hope is a very wrong rumor: word on the street, or at least in the Federal Judicial Law Clerk Circle, is that Magistrate Judge Garber intends to announce his retirement. That would be a bad thing, because Judge Garber for his tenure on the bench has distinguished himself as one of the best, and a jurist of unwavering fairness and intellect. If true, we will miss him.

10 comments:

  1. heard from a law clerk friend that judge garber is going senior, not leaving the bench altogether. means though that a new mag judge position will soon open up. expect a thousand or so applications given the number of laid off lawyers around. I nominate Carver!!

    ReplyDelete
  2. I need to get me one of these SEC gigs.

    ReplyDelete
  3. Terrible news about Judge Garber. He is the best of the best.

    ReplyDelete
  4. fake man in fullJune 22, 2009 at 8:41 PM

    "Pump and dump"

    and Gigi isn't even mentioned in this thread so far.

    ReplyDelete
  5. I always thought the SEC was a fairly competitive conference.

    ReplyDelete
  6. I take back my earlier take back, of my somewhat favorable comments regarding Chief Justice Roberts.

    The U.S. Supreme Court on Monday stepped back from a major showdown over the constitutionality of the Voting Rights Act, ruling instead that because jurisdictions covered by the law can seek to be exempted from its provisions, it was unnecessary for the Court to decide whether the statute should be scrapped altogether.

    The 8-1 ruling in Northwest Austin Municipal Utility District Number One v. Holder both surprised and pleased civil rights advocates, who were nearly certain after that April oral arguments that the Court was poised to strike down the law outright, eliminating what they view as a crucial weapon in the struggle for political equality. They feared that the law's success — symbolized by the election of an African-American president last November — would be the law's undoing, even though they argue it is still needed in some parts of the country.

    Chief Justice John Roberts Jr. wrote the opinion in the Voting Rights Act case for a surprisingly harmonious majority, alternating between praise for the law's success in increasing minority voting and skepticism about whether the part of the law in dispute is still needed. Under that preclearance provision, Section 5, covered jurisdictions mainly in the South, must seek Justice Department approval before implementing any change in election law or procedure that might dilute minority voting strength. The law was challenged in something of a test case by a Texas utility district with no record of voting discrimination.

    It just goes to show you - don't judge a book by its neatly parted and conservative looking cover. And never ever mix tequila and gin. Oh Great One.

    ReplyDelete
  7. Real funny fake guy, You only wish you could enter into the arena of perhaps having one chance in a billion to pump and dump.

    As if...

    ReplyDelete
  8. It seems wrong to mention Judge Garber in the same comment section where "pump and dump" is being bandied about. But, that said, he is a truly great Judge and a very honorable man. Let's hope he follows in Judge P's footsteps and is active in his senior status.

    ReplyDelete
  9. Let me say this about Judge Garber -- a Judge's Judge, unfailingly fair and honest, with a dose of that dreaded "empathy" -- though consider how he brought the hammer down on David Paul.

    Also, anyone who can work in a Bob Dylan quote into a published order is a heavy-duty Judge.

    ReplyDelete
  10. SFL Fan - I understand your point. But I felt it was important to break the story for SFL, I only had one post left, and I think I made it pretty clear Judge Garber has our utmost respect.

    Turns out, I hope, that I am partially wrong, and we will have the privilege of appearing before Judge Garber, albiet in senior status, for years.

    ReplyDelete