Despite a temporary ban on short-selling and a $700bn (£378bn) rescue package snaking its way through Congress, a quick fix to the current economic malaise does not appear to be in the offing. That’s partly due, says Bruce Hiler, head of the securities group at Cadwalader Wickersham & Taft and a former associate director of enforcement at the Securities & Exchange Commission (SEC), to the posturing by congressmen looking for a soundbite moment to slam Wall Street.
We talked to Hiler about about short sales and the asset-backed securities bailout plan. The one-time defence lawyer for former Enron CEO Jeffrey Skilling did not hold back.
