State securities regulation chief quits

[Robbien]

Source: New Hampshire Union Leader

<snip>

Bureau of Securities Regulation director Mark Connolly said he will leave his job effective May 14 so he can work more directly in reforming state securities laws.

Connolly, a nationally recognized securities enforcement official, has been in conflict with the state Banking Department since November over access to records and failures in the regulation of Financial Resources Mortgage Inc. and CL&M of Meredith.

. . .

Connolly spoke of his frustration in acting as both a regulator and, increasingly, as a whistle blower on state government. "It is not possible for me to be a state employee while at the same time saying the government is not acting in the public's best interest," he told reporters.

Connolly issued a report two weeks ago outlining failures that allowed an alleged $80 million fraud scheme at FRM. He said today he believes that despite his best efforts, records at the state Banking Department were withheld from him.



Read more: http://www.unionleader.com/article.aspx?headline=State+securities+regulation+chief+quits&articleId=bbe53c0a-b378-4854-9017-9c703b716bc9

---

The State of NH protected the banksters by keeping the bank's records out of the state regulator's hands. Banksters go free to defraud the public of over $80 mil and the bank goes bust.

I expect the situation is the same in every state. It appears politicians on every level are doing their best to protect banksters.

[Demeter]

1. Good Luck and Good Hunting

Poor NH. Not protected by its "live Free or Die" slogan. No wonder there have been no bank failures there---yet.

[bertman]

2. Same as it ever was. Money talks. Mr. Connolly has nads of brass and I wish him all the

best in his efforts to slay the financial fraud dragon.

I wish there were more regulators like him. The sad part is that there is now one fewer regulator who is inside the government and is privvy to the shenanigans.

Recommend.

[Trillo]

3. At the same time, the Federal Reserve is asserting the opposite:

that requiring accounting transparency is the politicization.