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The SEC's Office of Risk Assessment: Reloaded

Bruce Carton | October 29, 2008

I thought I was finished with the SEC's Office of Risk Assessment after writing this post about the ORA's "Army of One," but as Michael Corleone said in Godfather III, "Just when I think I'm out, they pull me back in."

I wrote the "Army of One" piece following the Congressional testimony in early October of former SEC Chief Accountant Lynn Turner. Mr. Turner testified that some of the blame for the current financial crisis is due to regulation failing to keep pace, including that "at the Securities and Exchange Commission ("SEC"), the Office of Risk management had been reduced to an office of one by February of this year." He memorably added that "when that [one] person would go home at night he could turn the lights out."

But then Chairman Cox got me thinking about the ORA again in his October 23 Congressional testimony (transcript...

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