<p>SMC was a government sponsored agency when it was formed back in the last century. However in 2004 the Albert Lord and Thomas Fitzpatrick led a move to turn it completely into a corporation-although the preliminaries for that move had been well in motion prior to 2004. In 2007 under increased threat of congressional intervention and investigation Lord and Fitzpatrick were temporarily pushed out and SMC moved into the Christopher Flowers investment group. At that point they were moved into a private company. </p>
<p>Because of their massive PAC and donations to congress, the distinction between the influence of SMC and the government is very fuzzy. Especially since SMC lobbied for privileges unique to their corner of the finance industry. And both state and federal governments have been quite willing to apply their powers in support of and direct benefit to SMC. </p>
<p>But they are no longer a governmental entity, although many do not know this. And that’s a perception SMC doesn’t exactly go out of their way to correct. To the extent that it is a routine tactic, one which came under scrutiny by the NYS AG.</p>
<p>Keeping track of the ties between these companies can be problematic. As LongPrime noted with the information about STU and STM (SMC).</p>