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The SEC's Office of Risk Assessment: An Army of One

Bruce Carton | October 7, 2008

I feel like I've been patient with the SEC's Office of Risk Assessment, but after today's Congressional testimony by Lynn Turner, former chief accountant of the SEC, I'm giving up.

OK, yes, I poked fun at the ORA when Chairman Donaldson first announced back in 2003 that the SEC was going to create a new risk management initiative that would, for the first time, devote resources to identifying new forms of fraud or illegal behavior so as to enable the SEC to "head off major problems before they occur" (I confess that I skeptically compared it back then to the Pre-Crime Unit from the movie Minority Report and called the yet-to-be hired staff "Pre-Cogs").

And, yeah, in 2004 I did sarcastically ask (after there had been not another peep about the efforts of the Pre-Crime...

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