Judge Rakoff Set To Expose Every Detail Of Wall Street's Usage Of The SEC

Tyler Durden

After the SEC attempted a truly staggering feat of legal contrivance by blaming the Merrill bonus fiasco on "understood" arrangements and placing all the blame on counsel, where the trail would end because Bank of America would never waive attorney-client privileges, Rakoff shot back and told the SEC, in no uncertain terms, to not take him or the legal system for Wall Street's marionettes, a role the SEC is more than happy to play day in and day out.

In this sense, Rakoff's response to the SEC is a masterpiece, which, assuming the Judge is not voluntarily or otherwise silenced, could force Rakoff to rake the SEC over the coals of public humiliation and finally acknowledging its crony lap dog status for a group of wealthy Wall Street insiders who consistently have special status with Mary Schapiro and her henchmen.

Judge Rakoff Set To Expose Every Detail Of Wall Street's Usage Of The SEC As A Bidet | zero hedge

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