The revolving door between the Securities and Exchange Commission and private industry is not as big a problem as it is seems to outside observers, according to a new study.
Criticisms of the SEC on this score have come from all directions, including from the nonprofit Project on Government Oversight, which in a 31-page report last year, cited "cases in which the revolving door appeared to be a factor in staving off SEC enforcement actions" and recommended that the agency strengthen its post-employment restrictions. The SEC was also widely criticized in 2008 for not pursuing charges against Bernard Madoff when it was revealed that his niece, Shana Madoff, was married to Eric Swanson, a senior inspection and examination official at the SEC.
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