Barney Frank is stumped. Trying to figure out why Maxine Waters is MIA is one thing, but picking the evil mastermind behind the shakedown of Ken Lewis is a completely different enigma.
Even if Paulson ordered the code red, the Sass from Mass is pretty sure that was the right thing to do because we need guys like HP on that wall. When you’ve got the imminent financial apocalypse knocking at your door, threatening a bank CEO of questionable sobriety cannot be handled by someone of meekness and mild temperament (ahem, B-squared).
Hank Paulson did before and he’d do it again. He’d just rather you said “thank you” and went on your way.
Frank Says No “Villain” in Bank of America-Merrill Lynch Deal [Bloomberg]
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SEC to Try and Get Less Bureaucratic, Miss Less Fraud
Deciding that it was about time they got their shit together, the SEC announced today that it is reorganizing its enforcement division. The reorganization will eliminate supervisory positions in order to reduce bureaucracy and help speed up response to potential fraud.
Before the proposed changes, the Commission had been utilizing the opposite approach.
A few details because we know you’re craving them:
The overhaul unveiled this week dissolves the division’s lowest and largest tier of supervisors, the branch managers who oversee small teams of attorneys, the people said. Some may become front-line investigators; others may be elevated to assistant directors. Assistants, who currently supervise about 18 people each, would instead oversee only six. A plan to create specialist teams, using a similar management structure, is still being refined, [sources] said.
We’ll also note that the new Enforcement Director, Robert Khuzami, said the new “specialist teams” will help detect “patterns” more easily. Khuzami also noted that this brilliant plan was being kicked around before the whole Madoff thing, thankyouverymuch.
SEC Said to Reorganize Enforcement Unit, Trim Management Ranks [Bloomberg]
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