Almost three years since banks started taking losses that led to the worst financial crisis since the Great Depression, the Securities and Exchange Commission is still asking basic questions about what happened. Full Story »
Posted by Kaizar Campwala - via ProPublica
Few news organizations are better equipped than ProPublica and Planet Money to hold SEC's feet to the fire. This is part "gotcha," part investigation, a bit newsier than many ProPublica stories. Simple, relevant and well done.
“One wonders why this letter, especially given the general nature of it, is just now being sent. And why wasn’t it sent several years ago, as the CDO market was exploding?” says Lynn Turner, who was the SEC’s chief accountant in the late 1990s. “It makes it look like the SEC is several years behind the markets.”
