JP Morgan Chase, Goldman Sachs, Bank of America are on the list of being "most dependable" companies at the Securities and Exchange Commission and are, therefore, given a lot of latitude. For example, they have managed to stay clear of sanctions even if they issue false financial forecasts.
An analysis by The New York Times of S.E.C. investigations over the last decade found nearly 350 instances where the agency has given big Wall Street institutions and other financial companies a pass on those or other sanctions. Those instances also include waivers permitting firms to underwrite certain stock and bond sales and manage mutual fund portfolios. ...NYT
General Electric, one of the biggest companies however, did feel the crack of the whip, as did Citibank. That gives certain banks a real advantage.
... The S.E.C. allowed Wall Street firms to have powerful advantages, securities experts and former regulators say. The institutions remained protected under the Private Securities Litigation Reform Act of 1995, which makes it easier to avoid class-action shareholder lawsuits. And the companies continue to use rules that let them instantly raise money publicly, without waiting weeks for government approvals. ...NYT
There is some room for a rationale that says, well, the SEC kept fraud charges against big banks under wraps in order to maintain stability in the markets. Okay, but... Isn't there a way of providing a safety net for the markets without cheating and belittling the honest citizen who, quite rightly and rationally, feels defrauded by Wall Street, corporate American in general, and our political and judicial system, a corporate America in general on a daily basis?
