POGO has published a sickening report on the interactions between the SEC and its former employees. In summary, POGO found that "former employees of the Securities and Exchange Commission (SEC)
routinely help corporations try to influence SEC rule-making, counter the
agency’s investigations of suspected wrongdoing, soften the blow of SEC
enforcement actions, block shareholder proposals, and win exemptions
from federal law. Yet, the SEC has exempted certain senior employees from a “cooling off
period” that would have restricted their ability to leave the SEC and
then represent clients before the agency. In addition, the SEC has
shielded some former employees from public scrutiny by blacking out
their names in documents they must file when they go through the
revolving door.
From 2001 through 2010, more than 400 SEC alumni filed almost 2,000
disclosure forms saying they planned to represent an employer or client
before the agency."
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