How does the Securities and Exchange Commission (SEC) miss a multi-year, $50 billion ponzi scheme? This is after Bernard Madoff outperformed virtually every other similar fund without disclosing how. This is after whistle-blowers alerted the SEC to irregularities and were dismissed.
Once again, the SEC has failed us This is after the savings and loan meltdown in the 1980s led to reform. This is after the dotcom meltdown at the turn of the century led to demands for closer oversight and disclosure. This is after the Enron, WorldCom, amd Global Crossing meltdowns led to Sarbanes-Oxley and other reforms.
How does the SEC not sound alarms when the country’s largest banks and insurance companies are making highly speculative investments in sub-prime mortgage instruments? Even the Fed gave mild warnings that something was not right, stating that the housing and mortgage markets were “over-heated” and there was no reason for these securities’ heady increases (per testimony by Greenspan years ago).
The SEC has oversight and audit authority over these public and securities-related organizations. The losses that have been directly under the supervision of the SEC now has placed the American taxpayer with a potential $9 trillion (and rising) bill. Every SEC commissioner should be fired (impeached or however the hell you get rid of them). Every SEC compliance officers should be fired.
The only thing that seems to change with each new financial/securities failure is the magnitude and the number of people financially-ruined people increases.
There is no excuse for such gross negligence. The regulatory authorities have been neutered. This is going to get a lot worse before it gets better.
This entry was posted on Tuesday, December 16th, 2008 at 4:38 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed.
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Political Thoughts
Time for Change at SEC
How does the Securities and Exchange Commission (SEC) miss a multi-year, $50 billion ponzi scheme? This is after Bernard Madoff outperformed virtually every other similar fund without disclosing how. This is after whistle-blowers alerted the SEC to irregularities and were dismissed.
Once again, the SEC has failed us This is after the savings and loan meltdown in the 1980s led to reform. This is after the dotcom meltdown at the turn of the century led to demands for closer oversight and disclosure. This is after the Enron, WorldCom, amd Global Crossing meltdowns led to Sarbanes-Oxley and other reforms.
How does the SEC not sound alarms when the country’s largest banks and insurance companies are making highly speculative investments in sub-prime mortgage instruments? Even the Fed gave mild warnings that something was not right, stating that the housing and mortgage markets were “over-heated” and there was no reason for these securities’ heady increases (per testimony by Greenspan years ago).
The SEC has oversight and audit authority over these public and securities-related organizations. The losses that have been directly under the supervision of the SEC now has placed the American taxpayer with a potential $9 trillion (and rising) bill. Every SEC commissioner should be fired (impeached or however the hell you get rid of them). Every SEC compliance officers should be fired.
The only thing that seems to change with each new financial/securities failure is the magnitude and the number of people financially-ruined people increases.
There is no excuse for such gross negligence. The regulatory authorities have been neutered. This is going to get a lot worse before it gets better.
What say you?
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This entry was posted on Tuesday, December 16th, 2008 at 4:38 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.