The U.S. Securities and Exchange Commission’s decision to seek a writ of mandamus against U.S. District Judge Jed Rakoff’s order refusing to approve the proposed consent judgment between the SEC and Citigroup Global Markets Inc. poses fundamental questions about the relationship between administrative agencies and federal courts.1 But it also has led to unusual hyperbole from both sides with little objective analysis of each side’s claims.
On one side, the critics of the SEC’s anemic enforcement efforts say something like the following: “The Division of Enforcement is a misnomer. Those guys don’t enforce; they just settle, and every few years they switch sides, with the enforcers moving through the revolving door to become defense counsel.”
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