If The SEC Doesn't Charge Callan, Then Why Bother With The Case?

Fox Business Network's Charlie Gasparino

that former Lehman Brothers CFO Erin Callan will not be charged in the SEC case that is expected to be unveiled in September. According to her attorney, she has not received a Wells Notice, which indicates that she will not be targeted by the SEC in the case. If this is true, it is a complete shame and a joke. We all know that the SEC is an impotent, semi-useless, and wholly incompetent collection of bureaucrats who are entirely too cozy with their Wall Street overlords, but this is ridiculous. Why even bring a case? I say if she doesn't get charged, then don't charge anyone. Callan is likely not as culpable as some of the behind the scenes people at Lehman in the bank's collapse, but she was the point-person responsible for orchestrating and disseminating Lehman's deception in the weeks and months before its collapse. That deception, which I do not think is up for debate, cost investors billions of dollars. If she isn't charged, the SEC is essentially saying that if you are an investor and the CFO of a publicly traded company makes materially false, misleading, or fraudulent statements on which you base your investing decision, there will be no recourse relating to the deceptive conduct. For anyone wondering why there is ZERO CONFIDENCE in U.S. political and financial institutions right now, this is a perfect example of the kind of nonsense that has been going on for far too long.