Ridiculous: SEC Boss Refused To Move Forward On Required Crowdfunding Rules To Protect Her 'Legacy'
from the her-legacy-is-a-joke dept
Back in August, we noted that the SEC's rules were due out any day, but had been pushed back at least a week as various state regulators argued that the whole thing was just going to be used for massive scamming. Since then the whole process has been fought over and changed numerous times. Newly released emails suggest that it wasn't because the SEC was struggling with setting the best rules possible... but because SEC boss Mary Schapiro was worried about her legacy. She's leaving the position in two weeks and apparently didn't want to put in place strict rules for fear that it would tarnish her reputation as being "pro-investor."
"I don't want to be tagged with an anti-investor legacy," Schapiro wrote in an e-mail to [Corporation Finance Director Meredith] Cross with the subject line "Please don't forward."Whether or not you think the rules are good or bad, we should have SEC commissioners who focus on doing what's right... now how things are going to look on their resume when they go hunting for a job in the industry after leaving public service.
"In light of all that's been accomplished, that wouldn't be fair, but it is what will be said ..."