Some SEC Data Points

From “Opening Statement at the SEC Open Meeting — Consolidated Audit Trail,” by Chair Mary Schapiro:

The technology for collecting data and surveilling our markets is often as much as two decades behind the technology currently used by those we regulate.

From news report on the scrapping of the omnibus spending bill yesterday:

Increased funding for financial regulators implementing the Wall Street reform bill has been jeopardized by the Senate’s scrapping of an omnibus spending measure. . . . That decision could put the budgetary fate of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) more in the hands of Republicans, who opposed the Wall Street overhaul that called for increased financial regulation. Regulators at the SEC and CFTC were counting on the additional funds to hire workers to implement the reform measure.

Bottom line: expect more Madoffs.

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