December 14, 2011
Upshot On Citigroup Settlement: SEC Can No Longer Be 'Yapping,
By Loren Berlin
The Huffington Post
November 29, 2011
"These cases against financial institutions are wickedly hard to
win at the end of the day because in most cases you have to
actually show fraudulent intent," said Michael Perino, a law
professor at St. John's University. "When you have teams of
advisors, lawyers and everybody else saying that the firm complies
with the various rules and regulations they’re subject to, defense
attorneys are often able to show that the firm acted in good faith.
So, the SEC’s perspective is 'well, we could bring far fewer cases
and have more trials and run the risk that we're going to lose a
fair number of those trials, or we can bring more cases and get
settlements and have at least some deterrent effect.’"