Thursday, October 8, 2015

Dangerous Tinkering ...Clinton to Detail Sweeping Plan to Rein in Wall Street

Election cycles are always difficult as candidates attempt to stake out positions designed to pander to whatever group they think will provide support down the road.

English: The corner of Wall Street and Broadwa...Wall Street is a great target for Democrats. Perceived bad guys, theoretical supporters of the Republicans, and all around easy target, but Ms. Clinton might be taking this a bit too far.

Her new proposal is supposedly to increase the statute of limitations from the current 5 years to 10 years. This is completely unrealistic, and while it might play well with her supporters, it will severely damage the individuals who are subjected to civil charges for events that occured 10 years earlier, and raises significant constitutional issues for potential defendants.

We have seen the effects of this type of time frame already. The SEC already takes the position that it can go back in time as far as it wants to establish a pattern of conduct. How do you defend charges that are based on hearsay and transactions that occurred in 2005, when your employer, the SEC, the IRS and every other entity has a document retention programs that only keeps documents back to 2009?

Clinton to Detail Sweeping Plan to Rein in Wall Street 


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