Interesting WSJ article (subscription required) regarding the SEC's newly-announced policy prohibiting individuals who consent to injunctions from denying the allegations in later disciplinary proceedings. The article notes that David Becker, former SEC general counsel and now with Cleary, Gottlieb, believes the new policy is due partly to the SEC's irritation at having to spend time arguing facts in disciplinary proceedings. Becker says the SEC
"finds it galling that a litigant who has already settled would have the effrontery to litigate."
The Queen of Hearts said: "Sentence first, trial later." The SEC now appears to be saying: "Why have the trial at all?"
UPDATE: I have learned that the Queen of Hearts actually said "Sentence first--verdict afterwards." I have tried, without success, to work this into a snappy one-liner regarding the SEC's "how dare they?" attitude to those who would defend themselves in court. Any suggestions?
Posted by JDR at August 11, 2003 10:11 AM