Finance Reporter Looks At 'Why The SEC Won't Hunt Big Dogs'Play
After years of investigations into the Wall Street deals that were at the heart of the financial market collapse, the SEC, the agency charged with protecting investors and maintaining fair practices in financial markets, has only brought civil actions against two low- level bankers. The last one was the case the SEC settled this month with Citigroup.
The agency said the bank had misled its customers, selling them investments which the bank's own traders were betting against. And according to internal emails, the bank's managers were so sure the investment was going to fail, they were angling to get credit for the profit from betting against the investment even as they were selling it. But the government did not charge any managers, only one, relatively low - level bank employee.
ProPublica reporter Jesse Eisinger looks at why the SEC isn't investigating bigger fish in the pond.
- Jesse Eisinger, senior reporter for the non-profit, independent ProPublica.
This segment aired on October 28, 2011.