Wednesday, April 21, 2010
Timing is everything
In an editorial in yesterday's Wall Street Journal we learned that last Friday, when the SEC announced its lawsuit alleging fraud by Goldman Sachs, they announced the publication of an Inspector General report that revealed yet another SEC bungling of a Ponzi scheme, this time involving R. Allen Stanford. The editorial's speculation was that this was hardly a coincidence and was probably done so that the Goldman story got front-page attention while the latter was hard to find.
The editorial also pointed out that the report, itself, is difficult to find on the SEC's website; I wish that the Journal had provided the link, but I found it.
It was also interesting to learn that the SEC commissioners voted 3-2 along party lines to launch the suit, making this case even more intriguing, especially since it's rare that a split vote would result in such action.