Earlier this month, I did a blog entry looking at how appallingly the Securities and Exchange Commission has been managed. Basically, it's a case of of the lunatics running the asylum.
Adding to that, we now have the Washington Post tells how an SEC official, deputy secretary Florence Harmon, used her position at the SEC to try and intimidate and influence her mother's broker. she even told the broker he should have Googled her to find who she really is. Obviously, she was hoping that would make the make the broker quake in his shoes.
Washington Post reporter Zachary Goldfarb writes: "The broker told investigators she was trying to "bully him" and informed higher-ups at his firm. The inspector general, who didn't name Harmon but listed her position, referred the administrator for disciplinary action, up to and including dismissal. Her name was confirmed by an official. She continues to hold her post."
The disturbing part about this report is that the SEC is still trying to grapple with the issue of its employees violating certain rules. That's still ongoing. So we don't know whether Ms Harmon is just an isolated incident, or whether she is one of many who are exploiting their position for gain.
no comment untill now