Sen. Ted Kaufman, Engineering ‘60 and a senior lecturing fellow in the School of Law, wrote a letter urging Security and Exchange Commission chairwoman Mary L. Schapiro to undertake an in-depth review of the mechanisms in place to oversee a wide range of issues under the agency’s jurisdiction, according to The New York Times DealBook blog.
“What I am doing right now is standing in the middle of the road waving a red lantern saying, ‘There’s a problem,’” Kaufman said in an interview with DealBook Monday. “Before we careen into another problem, we have to take a hard look at these things — and looking at them in piecemeal is not going to do it.”
The Delaware Democrat has been highly critical of the S.E.C. since taking his Senate seat in January, Replacing then-Sen. Joe Biden, who resigned his seat to become vice president of the United States. Many have blamed lax financial oversight by the S.E.C. as a principle cause of the financial collapse in September 2008.
Read Sen. Kaufman’s letter to S.E.C. Chairwoman Mary Schapiro here.
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Earth to SEC Chairman, Mary Schapiro: Please pay attention to the reccomendations of U.S. Senator, Ted Kaufman. He knows what he is talking about. For too long the SEC, which should be our public watchdog, has become the lapdog of the securities industry and the investing public has suffered. Wholesale reform is needed and it is needed now. Let it not be said , years from now , that our country blew one of the best opportunities it had in years to return the SEC to its original role of public protection and fairness. Eugene A. Brown, Durham City Council