Incompetence after incompetence and more regulation..?
April 23, 2010
Let's start with you!
In light of all the writing, research, and open disclosure we’ve done regarding government regulation and government intervention programs – today we went into the archives a pulled a paragraph from some of the most compelling articles that we’ve written. Furthermore, after hearing the atrocities within the Securities and Exchange Commission we hope you enjoy our simplified version. One last issue: first comes a quasi-title with the link to the actual article.
Regulatory committees, various ‘Commissions,’ government owned and operated ‘Reserves,’ of course the Freddy Mac family, and the Fannie Mae clan, people trusting the companies they work for, with the ‘faith and credibility’ of the U.S. Government only to see their banks close their doors for good. What about the F.D.I.C? Securities and Exchange Commission, Federal Trade Commission, or even the Federal Reserve Bank(s) are so far implicated in this mess that I’m sure any one will ever come to trial but someone has made it out with a little over 5 trillion dollars of our money! 
And we call for “The Bar” of acceptable standards, norms, and responsibilities. I don’t know about you, however the polling data let’s me see into your eyes, and you know what? We are all seeing the same thing! Fiscal irresponsibility, lowering the Bar for anything and everything from teen pregnancy to this biggest joke of an organization called the Securities and Exchange Commission (SEC).
Find me 10 people who don’t work at the Securities and Exchange Commission and ask them what the SEC does. Trust me on this one you will not find ten people either outside or inside the SEC that clearly knows what they are supposed to be doing. Suffice it to say that the SEC was set up as a federally funded regulatory commission that allegedly oversees to regulate the trading practices in stocks and bonds according to federal laws. The SEC was established in 1934.
| This is not a “…you had to be there…” type of affair inasmuch as the Securities and Exchange Commission is without question one of the most incompetent organizations in the history of this nation. Well finally they’ve got to listen. Harry Markopolos, a due-diligent barn-yard dog struggled for a decade to get regulators to stop the operations of disgraced money manager Bernie Madoff, slammed the Securities and Exchange Commission in his first appearance before Congress.
Markopolos, a securities industry executive and fraud investigator, brought his allegations to the SEC about improprieties in Madoff’s business starting in 2000 or earlier. He fruitlessly pursued the quest through this decade with agency staff from Boston to New York to Washington, but the regulators never acted. While the SEC is incompetent, the securities industry’s self-policing organization, the Financial Industry Regulatory Authority, is “very corrupt,” Markopolos charged. That organization was headed until December by Mary Schapiro, President Obama’s new SEC chief. What! |
So why is Mary Shapiro the head of the SEC? This is directly from her bio at the SEC: Prior to becoming SEC Chairman, she was CEO of the Financial Industry Regulatory Authority (FINRA) — the largest non-governmental regulator for all securities firms doing business with the U.S. public. Chairman Schapiro joined the organization in 1996 as President of NASD Regulation, and was named Vice Chairman in 2002. In 2006, she was named NASD’s Chairman and CEO. The following year, she led the organization’s consolidation with NYSE Member Regulation to form FINRA.
Read what Times Magazine has to say…
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