[HN Gopher] SEC Director of Enforcement resign after a few days ...
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SEC Director of Enforcement resign after a few days on the job
Author : balozi
Score : 73 points
Date : 2021-04-28 21:39 UTC (1 hours ago)
(HTM) web link (www.sec.gov)
(TXT) w3m dump (www.sec.gov)
| mvzvm wrote:
| More context here: https://www.wsj.com/articles/new-sec-
| enforcement-director-al...
| carbocation wrote:
| That is helpful! Thank you.
|
| > _Ms. Oh decided to resign after a U.S. District Judge Royce
| Lamberth, in an order issued Monday, questioned her conduct
| during a deposition in a case filed against Exxon Mobil Corp.
| Ms. Oh's law firm, Paul Weiss, represents Exxon._
| [deleted]
| codeulike wrote:
| _DC Judge Royce Lamberth on April 26 set in motion a sanctions
| probe affecting Alex Oh, who 'd joined the SEC as enforcement
| chief from the law firm Paul Weiss. Lambeth's order:
| https://courtlistener.com/recap/gov.uscourts.dcd.14559/gov.u...
| Oh today announced her resignation_
|
| https://twitter.com/MikeScarcella/status/1387524397993545728
|
| edit: I dont understand it either, heres a longer article about
| it
|
| https://www.nytimes.com/2021/04/28/business/sec-enforcement-...
| huac wrote:
| The case in question is an important one:
| https://en.wikipedia.org/wiki/Doe_v._Exxon_Mobil_Corp.
| temp667 wrote:
| It seems very unlikely that Exxon can be sued by folks living
| overseas in US courts for things govt members (members of
| their military) were involved in to benefit exxon, or am I
| not following this?
|
| China clears and relocates folks all the time, I've never
| heard of those folks being able to sue in the US even if the
| removals benefit a US company.
| __john wrote:
| For some reason your Wikipedia link doesn't include the
| period at the end.
|
| > https://en.wikipedia.org/wiki/Doe_v._Exxon_Mobil_Corp.
|
| edit: maybe a bug with the way HN handles the text to HTML.
| stefan_ wrote:
| I need a decoder ring for this. This is a court order in some
| case v Exxon. Whats it got to do with FISA or Clinton?
| dboreham wrote:
| Nothing?
| nickodell wrote:
| Alex Oh worked for a law firm which represents Exxon. That
| law firm was accused of obstructing a deposition to avoid
| providing answers to the other side. [1]
|
| >ORDERS defense counsel to show cause by May 14, 2021 why
| sanctions should not be imposed under Rule 11 (b)(3) for
| alleging that plaintiffs' counsel was agitated,
| disrespectful, and unhinged during the deposition despite a
| lack of record evidence supporting those allegations. See
| Mem. Op. 29-31. >ORDERS defendants to serve a copy of this
| order on Ms. Oh.
|
| Was Alex Oh specifically responsible for this conduct? The
| order doesn't say.
|
| What does this have to do with Clinton? Nothing, except in a
| six-degrees-of-kevin-bacon sense.
|
| [1]: https://www.courtlistener.com/recap/gov.uscourts.dcd.145
| 59/g...
| the_optimist wrote:
| Melissa Hodgman is Peter Strozk's wife. Peter was (is??) the
| FBI-counter-intel agent notorious for his work on "Crossfire
| Hurricane," the Hillary Clinton email server, the "lying to
| the FBI" charges against Michael Flynn, and the questionable
| representations made repeatedly by the FBI to the FISA court.
| cyanydeez wrote:
| by "notorious" you mean in the far right muck making
| mschine
| andrewmcwatters wrote:
| Well, it's not like the SEC does anything meaningful these days
| anyway. Along with the FCC and FTC. In fact, I can't think of
| anything meaningful any of these agencies have done in recent
| history.
|
| Edit: It's interesting this post in particular was so divisive.
| We don't have a well functioning market, my phone is effectively
| worthless these days, and monopoly and over-regulated corporate
| practices effect my day-to-day life in the most mundane of ways.
| But apparently that's not a good opinion here to share. OK.
| datavirtue wrote:
| They keep the honest people honest.
| andrewmcwatters wrote:
| Which is good, but they don't keep the dishonest people from
| dishonest practices, protect citizens from risk, nor protect
| consumers from antitrust practices anymore, respectively, it
| seems.
| ysavir wrote:
| I think that was the GP's point. They're implying that the
| agencies only engage in redundant work, not significant
| work.
| aesh2Xa1 wrote:
| OP's statement should be read as such:
|
| "They make rules for people that follow rules. If you don't
| follow rules, then their rules do not apply to you."
|
| The implication is that they lack will, capability, or
| force.
| not2b wrote:
| I think it's mainly capability. I know an SEC lawyer;
| he's successfully prosecuted a number of insider training
| cases, but thinks the SEC doesn't have the resources to
| take on really big players if they put up a fight,
| because they can overwhelm the SEC with legions of top
| lawyers and stalling tactics that can make cases take
| forever. The IRS is the same way; they've been cut way
| back so they can't effectively fight wealthy cheaters, so
| they mainly audit poor people for claiming the earned
| income tax credit incorrectly; those are easy cases for
| them to bring. A lot of this is because the IRS and SEC
| have been gutted by Congress to benefit their wealthy
| contributors.
| dnautics wrote:
| > Which is good
|
| Only if rule-following is == honesty.
|
| There are probably honest people who can't afford to follow
| the rules (literally, in the sense of paying for the labor
| to check boxes on forms correctly) and dishonest people who
| can afford to cleverly check boxes on forms.
| neolog wrote:
| > I can't think of anything meaningful any of these agencies
| have done in recent history.
|
| How much have you looked into it?
| JMTQp8lwXL wrote:
| The SEC has done things about ICOs
| scottmcleod wrote:
| This is just not true. From firsthand experience and just any
| basic research.
| Dopameaner wrote:
| From a complete layman, Do you have any good data points to
| start research for this topic?
|
| My initial thoughts are scanning through news websites.
| EGreg wrote:
| The JOBS act?
|
| Crowdfunding? Test the waters most recently? Expanding who is
| an accredited investor? No-action letters to various cryptos?
| The list goes on...
| cookguyruffles wrote:
| If you don't think the SEC are keeping busy you probably
| haven't been looking very hard. Ignoring enforcement which
| someone else mentioned, they are the only thing stopping
| exchanges charging every human on the planet $1000 each time
| they blink.
|
| It's a full time job in itself, and the SEC can be quite heavy-
| handed in increasing competitiveness despite a continuous
| onslaught of lawsuits from incumbents every time they sneeze.
| Recent examples include approving an IEX order type that
| fundamentally undermines a traditional business model for the
| exchanges (but is beneficial to just about everybody else), and
| the new market data initiative approved last year which should
| greatly reduce extortionate rentseeking on the part of the
| exchanges, while forcing them to share data with the public
| (depth of book) that previously cost 6 figures per exchange per
| user annually. Both of these generated immediate lawsuits from
| NYSE
| mvzvm wrote:
| I wonder what they saw...
| ffggvv wrote:
| they havent done their job at all. from tesla to spacs to crypto
| to GME.
| sokoloff wrote:
| What does/should the SEC have to do with crypto (in general;
| they obviously have some oversight for COIN)?
| jonathankoren wrote:
| Crypto is a security. I'm under the impression that crypto is
| just a massive fraud, market manipulation, including insider
| trading. The whole MtGox debacle[0] cemented then idea in my
| mind that crypto is shady AF.
|
| [0] Lest we forget, the original largest crypto exchange was
| named "Magic: The Gathering Online eXchange".
| rawtxapp wrote:
| SEC themselves ruled they don't consider BTC and ETH a
| security and they are currently going after XRP because
| they consider that to be a security.
|
| MtGox has been dead in over 7 years, I'm not sure how
| that's relevant today when we have well regulated
| exchanges.
| eloff wrote:
| Crypto ICOs have been deemed to be a security offering, and
| are being regulated as such by the SEC.
| temp667 wrote:
| If they would increase penalities and enforcement around failures
| to deliver we'd know they actually cared about a functioning
| market.
|
| Too many attorney's, not enough CPA's / Economists or investors
| in their staff.
| gruez wrote:
| I see r/superstonk is leaking.
| datavirtue wrote:
| They operate within the constraints of thier authority and
| resources. Complain to you congress person and or senator.
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