SEC Lawyer Clams Up On Madoff Scandal, Cites Executive Privilege

Following the scorching Congressional testimony from whistleblower Harry Markopolos, who spent eight fruitless years trying to bring the Madoff scandal to light, Securities and Exchange officials today declined to answer many basic questions.

A particularly contentious exchange took place between Rep. Gary Ackerman and the SEC's acting general counsel, Andy Vollmer.

In response to Mr. Vollmer's refusal to answer questions, Mr. Ackerman asks three times whether the Bush holdover was hiding behind executive branch immunity.

"Yes, in part," he finally answered.

Watch:

Comments

[winterinthehinterland]

So Ackerman is putting on a dog and pony show so as to appear to be doing something?

[Sigismund]

The dog and pony show was the SEC's ineptitude for the last eight years. Did you watch Markopolus's testimoney? The SEC knew about this for years and did nothing.

[jeffp26]

Clowns like this guy could not get a job in the real world.

He should be against free markets, because no one could live on what he would earn.

[tmo7734]

I love New Yorkers. They have a way of cutting to the heart of the matter. No bull; straight to the point. Representative Ackerman should get a prize for refusing to listen to BS. And that entire SEC panel should be thrown in jail. Period.

[peter777]

The only free market is the market for U.S. low paid labor. Much of the rest of it is fixed. The Repubs and Cons try to glorify the free market, but their glorification is not rooted in facts. Business conspires to fix prices, especially big business--- it has always been that way.

[tmo7734]

I couldn't have said it better. Thank you, Peter.

[Articulator]

Another case of "the free market will regulate itself", "the free market cures all".

[jeffp26]

The SEC, as we all know now, is a joke.

But FINRA, which Mary Schapiro ran for the last 12 years, is a partner in crime.

And our markets will continue to suffer.

[Grannysue]

I listened and Ackerman handed these people their heads, it was great, they sat their like a bunch of deer in the headlights, trying to utter their crapy excuses, FIRE ALL OF THEM! I said it before and I'll say it again, we had to know that once Obama became President and all the old inept idiots left the scene we were going to find out so much more then we even thought was going on over the past eight years. Every agency from DHHS, to Justice to SEC and all the others were totally politicized and told not to do anything, just collect your checks and Rove, Cheney and Bush would run everything, they sure did, they and their Republican cohorts ran our country right into the ground!

[DMcD]

That was one of the better & long-overdue 'reamings' I've seen in a long time ---
Ackerman ripped Vollmer a new one ---- well done ,
now on to the rest of Bushco.

[Sigismund]

Markopolos said during his testimony that both the SEC and the FDA had been 'captured" by the industries they were trying to regulate. Can we expect an expose' at the FDA? Wait for it. Love that Bush.

[sv90066]

Any low-level file clerk at any financial firm in NYC understands, if they kept their ears open, that the NASDAQ is the puppet financial system for the "legitimate" business of organized crime.

Madoff ran it.

The SEC willfully ignored it.

If you knew what they knew...

I'm just saying.

[magibrotherhood]

"willfull negligence" is a charge they can bring against them----

[DMcD]

I'm thinking there's a lot more to this than simple incompetence ,
I listened intently to that hearing and when all is said and done ,
I think this will turn into 'criminal mis-conduct' , complicity & likely, 'bribery' ---
something 'really-really' smells here -- stupidity alone, can't explain this !!
Follow the money -------

[magibrotherhood]

why isn`t that sniveling Christopher C.ox called on the carpet for this--????

[magibrotherhood]

Time to hand off the case to the pitt-bulls at DOJ----Holder BETTER deliver some Whoop-A**------

[ILibertine]

Like herding cats, trying to get these bureaucratic chumps to talk straight. They're all busy going to meetings about processes and interpreting pie charts while Rome burns. Meanwhile, Congress is handing out hundreds of billions to firms that have conducted the same sort of schemes - unsustainable, illusory growth. Why is a Greenspan and numerous others, including members of congress, not regarded same as Madoff? The system is so shot through with financial collusion that I doubt it can be cleaned up from within.

[LHoney]

Harry Markopolos for Chairman of the SEC!!!!

[jeffp26]

Too late, we got Mary Schapiro. She ran the NASD/FINRA for the last 12 years.

That would be the same NASD/FINRA Markopolos said was too "corrupt" for him to report Madoff too!!!

So we appointed a fox who eats eggs to guard the henhouse. Same old same old.

[CouldOnlyRememberMyName]

whether its rush Limbaugh or ed Schultz or Stephanie miller they're all full of crap

turn off the radio

[truthynesslover]

Rush is a liar and a water carrier by his own admittion.
And he and the republicans want america to fail.
tpm;
Of course, at some level, why would Republicans be trying to drive the country off a cliff? Well, not pretty to say, but they see it in their political interests. Yes, the DeMints and Coburns just don't believe in government at all or have genuinely held if crankish economic views. But a successful Stimulus Bill would be devastating politically for the Republican party. And they know it. If the GOP successfully bottles this up or kills it with a death of a thousand cuts, Democrats will have a good argument amongst themselves that Republicans were responsible for creating the carnage that followed. But the satisfaction will have to be amongst themselves since as a political matter it will be irrelevant. The public will be entirely within its rights to blame Democrats for any failure of government action that happened while Democrats held the White House and sizable majorities in both houses of Congress.

[lesterbud]

What they (republicanT politicians) believe in is MONEY!

When you are in power you get to tap the till. You can then spread enormous amounts of cash among your friends, family and supporters. When you are standing outside, all those people seem to have far less interest in you.

Right now they are peering through the window, and they know they could be on the outs for many years. Their only hope at getting their hands back on the cash is for the current situation to change dramatically. Thus we have Rush calling for financial collapse and Dick wishing for a terrorist attack. And if you don't think they are serious, you have not considered the actual amount of money involved.

[vippy]

I want to see how many DEMS were privy to all of this. Hard to believe, someone did not
catch on? I bet we need to clean house and help Obama with the next election.
Vote them all out of office and put new blood in charge.

[Rule Of Law]

He works for us, same as the president. No one is above the law.

[drexel747]

Why is this story not in the Main Stream Media? CNN? MSNBC, etc. I wont ask about Faux News.

This two party system is a facade. Sheeple need to wake up and get involved before its too late.

[HowietheScreamer]

CSpan IS one of the few remaining news outlets that is worth spit. CSpan will set you free. I watched all the debates on CSpan, spared me the endless drivel that drips from the poisoned lips of the MSM talking heads.