Critical Stance

The judiciary and lawmakers alike have criticized the Securities and Exchange Commission’s (SEC) “no admit, no deny” settlement policy. 

In his opinion rejecting the Citigroup settlement, Judge Jed Rakoff wrote, “In any case like this that touches on the transparency of financial markets whose gyrations have so depressed our economy and debilitated our lives, there is an overriding public interest in knowing the truth. … The SEC, of all agencies, has a duty, inherent in its statutory mission, to see that the truth emerges.”

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