We all know Chris Cox was a corrupt and/or incompetent pig, who almost single-handedly has brought about the worst financial meltdown in world history.
But the SEC has 3,800 employees. You'd figure a few of 'em would have blown some whistles. You'd figure a few of 'em would have been competent.
But alas, that is not the case.
The entire SEC should be fired. Every employee. Start over. I've gotta believe there's a lot of folks out of work that are better qualified and more deserving of a nice government salary.
Trust is gone. Again. And the only way to get it back to to have heads roll. Lots of 'em.
F*ck the SEC. F*ck Chris Cox. And it's nice to FINALLY see some rage on Capitol Hill. Too bad it's too late.
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19 comments:
Not only should they fire these people but we should demand their salaries back since it was paid with public funds.
--AJ
3800 Motherfu*kers with their heads up each others ass.
Thank you Ronald Reagan, Grover Norquist and their ilk for setting in motion the vilification of government which led to deregulation, cronyism and corruption. See, if they do a shitty job, it will prove government doesn't work so let's load them up with with morons and make it uncool to work for the govt. Wall Street was cool but only losers worked for the government.
Time to open up a can of Whoop Ass Barry.
I watched most of Markopolos's testimony and he was amazing. Unfortunately, I missed this raping of the SEC which I really wanted to see. Now, after the fact, it would make me vomit to watch more of the videos.
Corrupt. All. Day. Long. F*ck em
I know this isn't HP but I can't help myself, I have to share this one:
http://tinyurl.com/b7sm3d
DEC 2008
Yes, our blind/deaf watchdog--the REAL problem. They SEC should hire a couple hundred ripoff artist scumbags and release them like the hounds of hell on the rest.
Sadly, it'll never happen.
So, as if not finding the crooks wasn't bad enough.. I thought we were supposed to have beefed up regulations since 911 due to financial terrorist threats.
Some S/A'er said it best already. We had a terrorist attack by our own citizen greedy Wall St./White house thieves.
I've been trying to take high-road for too long now. You know, pay my cc bills to save my credit and all that "do the right thing BS". Never owned a home & likely won't for a long time, what do I care? So lately I'm looking to take the Nick-road that is looking smarter every day. F-it! All of it! Food, clothes and shelter baby! Don't expect an f'ing dime from me Chase, BOA and Advanta. Done.
Blame Reagan - I mean it.
As I watched the weaselly woman from the SEC, I got to thinking about how this ties back to another topic you bang on about -- Baby Boomers.
I'm one, and I've commented to defend my generation. But our mindset had drawbacks. One of them is the "Let it all hang out. Don't be all harsh and judgmental." It was a reaction against the stupid strictures of our parents' generation.
Unfortunately, it resulted in a generation that doesn't put its foot down; that lets teenagers get away with being spoiled brats because it seems easier and less cruel than saying "No, you have to follow the rules." That applies to "teenagers" who are powerful and connected like Madoff, too.
I see that in the attitude of that SEC twit. "Oh, we busted 70 people last year, but I can't speak about the specifics because that wouldn't be fair since they have court cases, blah blah blah." No spine. All soft and squishy. We need more nit-picky bastards in positions of enforcement. Where is the mindset of the police officer and the rent-a-cop security guards who wouldn't let me bring in a bottle of water to outdoor rock concerts in the summer in Florida?
It's also an American cultural phenomenon. The motto of the country should be "We don't need no steenking badges" because of the widespread attitude that the rules don't apply to us. It's good in one way, because it makes America free-wheeling and innovative. But it also leads to fuck-ups when people don't follow structures that were established for good reasons.
Compare that to Germans, who are fanatics for rules because that's just the way they are. Even down here in "She'll be right" Australia, people are sticklers for doing stuff by the book. I run into problems at work when I just want to get something DONE, like flushing a patient's central line IV with heparin so it won't clot, but Aussie nurses won't do it because a doctor has not written permission to do that on the drug chart, and the rules state that no substance can be injected unless it's beeen properly charted, so we have to page the doctor, yada yada yada. We need to find a balance between American anarchy and Germanic rule-boundedness.
Anyway, Keith, thanks for posting clips like this. I am still intensely interested in U.S. politics, but I don't get to see things like this because I don't spend time searching them out. Although I disagre with a lot of your political positions, I appreciate how your site is a good information source.
West Coast Willie said...
so let's load them up with with morons and make it uncool to work for the govt. Wall Street was cool but only losers worked for the government.
---------------------------
They aren't morons. They are enablers. Look around. Every office, every business in the USA is full of them. No morals, no ethics. Just short term thinking and "what's in it for me." Just ask Nick.
They are everywhere.
You gotta like this congressperson ripping apart the SEC..what's not to appreciate...unfortunately as Keith said, its very late in the game, but at least SOMEONE woke up.
Its going to be great when the SPIC cover the $50bn of losses, and the tax payer has to go for another round of bailout madness.
I love the look on the SEC's head slimeball's (related video on YouTube) face when the committee chairmen told him exactly WHO created who under the constitution, and who was answerable to who, and who's A$$ was going to be handed to them because the congress was considering weather to CLOSE THEM (the SEC) DOWN, since they (SEC) were either unwilling or unable to do their job. Anybody know if these SEC A$$Clowns were Bush appointees or just your average, waste of skin and paycheck, overpaid civil servant.
And to find out that this investigator and his crew worked ON THEIR OWN TIME FOR EIGHT STINKING YEARS to bring this S.O.B. down because “one dirty player in the financial markets makes everyone look dirty”
In other words, they did it JUST BECAUSE IT WAS THE RIGHT THING TO DO?!?!
UN-F*CKING BELIEVABLE!!!!!
Sounds lovely, but where was Ackerman all these years and all the rest of Congress? Sure the SEC is incompetent, but surely people in Congress were informed about these scams as well. Nice to have 20/20 hindsight, but how come everything that the Congress does is in their own self-interests and not in the national interest?
P.S. Love how Obama said that without the "stimulus" that there would be a catastrophe. Way to soothe those markets, B.O.!
The SEC is currently overstaffed by 3500.
And that's taking into account about 250 essentiaal maintenance workers...
It's about time we look at the root of the problem, the Employees.
All of them, Merrill Lynch, Countrywide, GM, AIG, Bank of America, Circuit City, The SEC, ...
I'm supposed to believe that we just had a bad generation of executives who ruined all the hard work of hundreds of thousands noble employees?
maybe its a miracle these executives managed to keep the ponzi scheme going as long as they did.
maybe those employees could never even have had those jobs, or lost them years ago.
The whole system had to be corrupt in order for all that happened to happen .
The SEC is owned by the elite. They were told to let the markets fail.
Keith,
Post a link to the testimony by Markopoulos. He is a hero. We don't need the SEC. Get rid of the agency and contract out all their work out to Markopoulos.
I am so glad there are guys like this left in the US. IT give me hope.
Hey guys, I'd like someone to confirm or deny what I just heard from my the investment manager of my 401k."Turn it into Gold...China has refused to buy anymore securities".Is this true???I'm a retiree and drawing from this as we speak.
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