The SEC claims to be awake and actually doing something. The U.S. Securities and Exchange Commission expects to file additional subprime-related enforcement actions and has dozens of “very active” investigations underway, an SEC official said on Friday. Will this result in questions the SEC does not want to answer? Only a few days after Washington told the SEC they “failed miserably in their mission” the SEC has a brilliant idea, if doing something is to be believed.
“We expect to be filing additional actions in this space, stay tuned,” said Rosalind Tyson, regional director of the SEC’s Los Angeles office. Tyson said the agency is looking at mortgage originators, mortgage securitizers, credit rating agencies, and sellers of mortgage-backed securities.
By the way, what does “in this space” mean anyway? Stay tuned? Hell, we were tuned in the entire time, and I think the SEC is the organization that tuned us out.