The rest of the article doesn’t amount to much, but this nugget in Newsday was something I had not seen:
President Barack Obama’s proposed fiscal 2010 budget includes a 13 percent increase in funding for the SEC over 2008 and identical 2009 amounts to about $1.03 billion. SEC chairman Mary Schapiro said in a statement Feb. 26 that the money “would enable us to increase our staff and use new technology to pursue risk-based approaches that would better detect fraud and ensure stronger oversight of the nation’s securities markets.”
Money is only a start at right the SEC ship, but it looks like Obama and Schapiro both at least have a desire to do so. Schapiro’s full statement (not much more) can be found here.
In related, Madoff-spawned news, the SEC already has announced that it is beginning a full review of its process for handling “whistleblower complaints and enforcement tips.”
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Chris Geidner is the award-winning senior political editor at D.C.'s Metro Weekly and has written for The Atlantic Online, The American Prospect, Advocate.com, Salon and other publications, as well as at his blog, Law Dork. In 2011, he received the Excellence in News Writing Award from the National Lesbian and Gay Journalists Association for his coverage of "Don't Ask, Don't Tell" repeal. Prior to moving to D.C. in 2009, he served as an attorney on the senior staff at the Ohio Attorney General's Office and had earlier worked for a leading Columbus law firm. An extended biography can be found