Chuck Schumer To Introduce Legislation Permitting SEC To Fund Itself With Penalties Collected From Wall Street
One wonders why it took so long to incentivize the SEC to actually prosecute wrongdoing on Wall Street. One also wonders how much of this new windfall will remain once all the Madoff-related lawsuits against the SEC clean the regulator's clock.
Amusingly, the $1.5 billion brought in annually via fees (nearly double the regulator's annual budget), go to some "general pool", with none of this downstreaming to the SEC.
Maybe Mary will finally stop complaining about how woefully underfunded her deplorable agency is.