I’ve been a pretty severe critic of the U.S. Securities and Exchange Commission. In general, I think the agency has done a lousy job holding top executives at major companies accountable for violating securities laws, especially those whose companies contributed to the financial crisis. I’ve also criticized the SEC for settling too many important cases, leaving vital facts—like who did what—hidden from public view.
But I have to give the SEC credit for showing some rare pluck and daring last week. First, the agency announced last Wednesday that it had secured a $2.5 million settlement from a former Silicon Valley CEO in a so-called clawback action. And on Thursday it won a remarkable trial ruling that Samuel Wyly and the estate of his late brother Charles Wyly Jr. must fork over an estimated $300 million or more in ill-gotten gains.
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