A Glimpse At The Judge Who Rapped The SEC
Professor Joseph Grundfest is quoted in the Wall Street Journal on increased judicial examination of the Securities and Exchange Commission. Nathan Koppel and Ashby Jones report:
The Securities and Exchange Commission, trying to rebuild its reputation as a tough enforcer of financial regulation, ran into another roadblock this week in the form of a stern, occasionally irascible federal judge.
In challenging the combined wisdom of the SEC and 12 big Wall Street firms, U.S. District Court Judge William H. Pauley III joins his colleague on the bench of the Southern District Court in New York, Jed Rakoff, who gave the commission fits last year as it tried to settle a case with Bank of America Corp.
"Closer scrutiny appears to be here," says Joseph Grundfest, a law professor at Stanford and former SEC commissioner. "This is likely not to be viewed as a happy development at the SEC."