SEC chairman says more post-crisis cases in pipeline
The Securities and Exchange Commission is in the midst of more probes stemming from the financial crisis, its chairman said on Tuesday, a week after Goldman Sachs settled fraud charges for a record $550 million.
"We have investigations in the pipeline, across products, across institutions, coming out of the financial crisis," SEC Chairman Mary Schapiro said after testifying before a House of Representatives subcommittee hearing.
Asked if the bulk of the cases have already been brought to light, she said: "Not necessarily, not necessarily."
The SEC last week secured the record fine from a single Wall Street firm from Goldman Sachs over government charges that the banking titan committed fraud when marketing a complex mortgage product.
At the hearing, a top lawmaker said that there was demand for accountability after the 2008 financial crisis.
"I for one am hopeful that this legal action will be the first, and not the last, brought by the Commission against the hucksters of Wall Street who spun toxic mortgages into golden financial opportunities," said Representative Paul Kanjorski, who chairs the financial markets panel of the House Financial Services Committee.
[Source: Reuters, Washington, 20Jul10]
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