SEC Watched Porn, Ran Private Businesses Instead Of Catching Madoff, Report

ProPublica:

The Securities and Exchange Commission is taking a drubbing these days for its abject failure―despite detailed tips―to catch Bernie Madoff in what appears to be the biggest Ponzi scheme in our nation's history.

Now, thanks to little-noticed report from the agency's inspector general, we have a detailed glimpse into other bad behavior by some SEC employees.

The report, released the day after Thanksgiving, reveals that some employees at the agency were clearly preoccupied with matters other than their mission of "protecting investors and maintaining fair, orderly, and efficient markets." The semi-annual report to Congress, which covers the period from this past April to September, details among other things a handful of employees circumventing internal controls to download porn. Let's pause for some detail:

Read the whole story: ProPublica

Comments

[BobsNotWorking]

Would someone tell me? How many middle class families does it take to supply one SEC employee's salary with their tax payments? Ten? Twenty?

[tjirish44]

I am not going to defend the SEC. But these headlines... One guy downloaded some porn at work. Where did that get him as far as enjoying it. Hell I have downloaded porn before but not at work. ut these headlines try make it look like everyone at SE was sitting around pleasuring themselves to porn at work rather than doing their jobs. it's cheesy gotcha journalism. Howmany work at SEC/I count at most 3 cases in this article where SEC employees violating their job description.

[PacificGatePost]

IT REALLY HAS TO DO WITH WHERE KICKBACKS COULD BE MADE EFFECTIVE

Before Madoff sees the inside of a jail cell, he will open doors into the Wall Street underbelly that has seen little light of day.

From New York to Geneva, corruption is rampant and complex on Wall Street, including the process of accumulation of this much cash..
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http://pacificgatepost.blogspot.com/2008/12/is-madoff-really-anomaly.html
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MADOFF AND HIS METHODS are not so unique.

[diamondgirl9]

I guess Gordon Gecko was right-greed is good.

[totaldisbelief]

Prostitutes have a better work ethic.

[totaldisbelief]

Oh I get it these are the guys that caught the Gravy Train right out of college.....I guess it is Who you know.

[GuyFawkes]

To be fair, a lot of porn his downloaded and watched at a later time.

[totaldisbelief]

Are these the same guys getting bonuses?

[macohmz]

Many government agencies are "managed" this way. The physical management of the government is a disaster in itself. The government, before it is anything else, is a monumental, catastrophic, humongous waste and waster of taxpayer's money. Too many years of "one" party rule have made it that way.

[jeffp26]

So the SEC is so inept it cannot even police its own workforce?

Why am I not surprised.

I can't wait to watch the latest financial porn: Ponzi Does the People of the US!!!!

[gretcheno]

Where is all of the money he stole? I know that he has the 50 billion in some bank and they can find it. I am sick of looking at all these crooks in America and they get away with it. I wonder how many years he will get for stealing 50billion?

[sloreader]

Madoff will probably have a few new links for the boys at the SEC now that he is home 24/7.

[BPCentrisAmerican]

That Cox guy really worked out.

[wendynyc]

Well I hope the Republicans are happy - They believe in "free markets" and "less regulation".

And of course we taxpayers are there for all their deficit spending and bank bailouts!

[LeeCalif]

From another Pro Publica article , Obama's pick to regulate exotic securities........

The choice of Gensler for that mission is ironic. While in the Clinton administration, the former assistant Treasury secretary helped oppose regulation of the exotic derivatives at the center of the financial crisis.

[norkas]

Do not blame one thing on Bill Clinton .

The Republicans had 8years to change it if they did not like it or thought it was not working. The greedy whores did nothing.

When a new adminstration takes over they are allowed to make important changes but instead these LOW LIFES whom i voted for did nothing when it was obvious the system was not wotking.

I learned as a Republican who strongly supported Barak Obama that my party is full of evilness and selfishness and little care for humanity.

So crybabies quit blaming others you had long enough to changes things to protect the people but you decided to protect the criminals and get the pay offs yourself the rest of you are just stupid and i wish you were not in office.

How many Law Firms and lobbyist offered you great deals to turn your head and allow the stupidity to contiue in no money down purchasing homes or 10% dowm and sub prime.

As i said before if something was not working the new admistation had plenty of time to change it to protect all of us. They are greedy nothing less the vultures parying on humanity

[gretcheno]

ICAM I see everyone is trying to blame Clinton and Obama. Under Clinton I cannot recall the economy this bad, and poor Obama has a step hill to climb fooling with the biggest crook and crooks in America, George Bush and his cronies who I can bet have a few billion stashed somewhere.

And if you voted for Bush and Co. why are you complaining yall put that idi ot in office.

[rich misty]

Sounds like GOPonzinomics