A government watchdog agency criticised the Securities and Exchange Commission on Thursday, saying that rules and procedures implemented under former SEC chair Christopher Cox created an atmosphere in which enforcement attorneys believed their ability to bring actions against corporate wrongdoers had been weakened.
In a 64-page report, the General Accounting Office said procedures put in place under Mr Cox, although designed to streamline the enforcement process, created the opposite impression among staff, who believed that the policies “had the effect of delaying cases and producing fewer and smaller corporate penalties”.
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