After facing criticism for not discovering/preventing Wall Street abuses, Feds have decided to take action: they are going to party their way up to understanding how Wall Street works.
In a recent Bloomberg article, Matt Robinson wrote about a Miami Beach party where SEC officials were mingling with Wall Street top deal-makers.
The Feds (Robinson dubs them, “the skunk at a garden party”) are going to parties and conferences in an effort to better understand the world of finance.
Well, after missing big Ponzi schemes (like Bernard Madoff’s) the Feds do need to step up their efforts and try to prevent that from happening in the future.
My favorite part of the article:
“The SEC isn’t the only regulator trawling conferences for tips of suspicious conduct.
The Commodity Futures Trading Commission was especially transparent about its intentions
when it set up a booth in the middle of an industry gathering in March.
Attendees at the opulent Boca Raton Resort & Club in Florida
were greeted by smiling agency officials handing out
metal whistles emblazoned with “CFTC” and
mouse pads advertising their toll-free number.”
In case anyone has any doubts, they make it crystal clear what’s their favorite party favor : )
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