SEC Staffers Watched Porn as Economy Crashed - CBS News: "WASHINGTON, April 22, 2010
This certainly makes room for new phrases. Nero may have Fiddled but "SEC Diddles while Rome Burns"
Agency Watchdog: Senior Staffers Spent Hours Surfing Pornographic Websites on Government Computers
(AP) Senior staffers at the Securities and Exchange Commission spent hours surfing pornographic websites on government-issued computers while they were being paid to police the financial system, an agency watchdog says.
The SEC's inspector general conducted 33 probes of employees looking at explicit images in the past five years, according to a memo obtained late Thursday by The Associated Press.
The memo says 31 of those probes occurred in the 2 1/2 years since the financial system teetered and nearly crashed.
It was written by SEC Inspector General David Kotz in response to a request from Sen. Charles Grassley, R-Iowa.
The memo was first reported Thursday evening by ABC News. It summarizes findings of past inspector general probes and reports some shocking findings:
• A senior attorney at the SEC's Washington headquarters spent up to eight hours a day looking at and downloading pornography. When he ran out of hard drive space, he burned the files to CDs or DVDs, which he kept in boxes around his office. He agreed to"
Martin Armstrong believes that SEC staffers did something worse than being bystanders as the economy crashed; he believes they caused the economy to crash.
ReplyDeleteSee: Armstrong Economics’ The Paradox of Solution April 18th, 2010
People who hate the Fed have largely in fact overlooked what its historical purpose was supposed to have been. Today, people just blame the Fed when in fact the Fed never had any regulatory role over investment banks who created this nightmare. The real culprit has been the SEC and CFTC, who emerge in shining armour armed with more power to screw thins up than they had before the crisis.
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The SEC screwed the entire economy by not properly preventing excessive leveraging and promoting effectively proprietary trading to displace the entire purpose of brokerage and underwriting.
http://www.scribd.com/doc/30355780/The-Paradox-of-Solution-4-18-10
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William M. Black, a former bank regulator thinks the same. He stated that when U.S. government regulators did not enforced existing laws, the current U.S. financial crisis was not diverted.
See: http://www.youtube.com/watch?v=3-HTylLzXu8
There are plenty who "get it" . Martin and Black among the notable but no one pays any attention to them. Notice how they are nullified. Marty in Federal prison and Black gets very little MSM attention. Too many detractors who have too much to loose if the game is exposed.
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