Performance and Accountability Report, U.S. Securities and Exchange Commission 2008

摘要

The agency has taken a number of other actions in recent months to address significant issues that have arisen in the credit crisis. When the auction rate securities market froze early in 2008, the Enforcement Division immediately commenced investigations of potential securities law violations by the largest sellers of these instruments. Preliminary settlements were reached in principle with six of the largest firms, which would return more than $50 billion to injured investors and make these settlements, when concluded, by far the largest in the agencys history. (While settlements in principle were reached during FY 2008, the amounts were not included in the enforcement statistics for this report because they were not finalized by the close of the fiscal year on September 30.) As of the close of FY 2008, the Commission had over 50 pending subprime-related investigations involving lenders, investment banks, credit rating agencies, insurers, and broker-dealers. This annual report, in addition to describing the SECs many accomplishments and performance results, also presents the Commissions financial picture for 2008, beginning on page 57. Our auditors, the U.S. Government Accountability Office, affirm that the SECs financial statements are presented fairly in all material respects in conformity with U.S. generally accepted accounting principles (GAAP), and that the SEC had effective internal control over financial reporting and compliance with certain laws and regulations.