SEC tiptoes around the obvious, columnist says

Jonathan Weil says at that the Securities and Exchange Commission is jumping through hoops to not accuse any of the country’s major financial firms of cooking their books, despite the obvious evidence in front of them. That might be because in many cases, like at Fannie Mae and Freddie Mac, at least one government agency not only knew about but also sanctioned the accounting irregularities that contributed to their implosions. “The toughest challenge for the SEC will be finding violations that the government didn’t know about while they were going on,” Weil says.

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