Under chair Christopher Cox, the U.S. Securities and Exchange Commission "undermined and demoralized" its enforcement division, which investigates securities fraud, according to this exposé in Portfolio magazine. Cox has insisted he wasn't asleep at the switch in the run-up to the financial hell sweeping the planet. But Portfolio reports Cox's SEC reduced the watchdog division's powers and, as a result, fines against companies, individuals and brokers fell from $1.5 billion in 2005 to $507 million last year.
TAGS: market, fraud, investigations, SEC
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