When Regulators Need Regulators

Commodity News Center ^ | 5/19/2009 | James Bibbings

[h20skier66]

Still No Accountability

(excerpted from: http://www.commoditynewscenter.com/blogs/When_Regulators_Need_Regulators)

Over the past couple of days the plot has once again thickened, and guess who is back at the center of it all? Mary Shipiro and her agency, the SEC. Didn't hear about what happened? Neither did anyone else. On Friday a story hit the wire late in the day and that has gone largely unnoticed. Around 6pm EST, both the New York Times and Reuters covered what happened and the stories were similarly titled "SEC Lawyers Investigated for Insider Trading." In a nutshell the story goes like this...

What is the reason that virtually no one is covering this investigation? What is the reason that the announcement of an FBI investigation into SEC wrong doing, by the agency's top lawyers no less, came out after market hours on a Friday? How can American's really think that more regulation is the answer, when the regulators we've got don't regulate?

[khnyny]

Thanks for posting.

I liked this part (rolls eyes):

A couple quick things on Shapiro:

1) Obama is talking about compensation packages on Wall Street yet Shapiro was paid $5 million to leave FINRA for the SEC. So much for setting an example, didn't Madoff happen under her watch? Wait. What's that about getting paid for performance?

2) Shapiro appointed Mark Madoff (Yes, his son) to the National Adjudicatory Council. The council is the board that oversees securities disciplinary actions at FINRA, Madoff's investigative regulator.

Three cheers for accountability!"

[DrC]

“How can American’s really think that more regulation is the answer, when the regulators we’ve got don’t regulate?”

Because if they swallow this idea, it will make it seem more plausible that government can run health care for all even after horrifically mismanaging Medicare. If Americans grasped the truth, they would realize that Obama’s prescribed exactly the wrong medicine for the financial industry and for health care.

[khnyny]

The same type of criminality and corruption exists in the private sector as well. After a certain point however, when the company's shareholders and/or owners lose money because of this behavior, they are caught and punished. No amount of cya’ing works. (Or at least this is the way the “free market” used to work).

The government, well, that's different. It seems that each part of the governments' personal and professional interests are deeply intertwined. The illusion of competency must be maintained at all costs.

[bioqubit]

THE IMPOSSIBLE DREAM - Laaaaaaaa, La, la la lala laaaaaa...

Yes, the impossible dream, what else can we dream?

SEC regulators, thugs, thieves, liars and criminals one and all - in jail, in jail to stay-all. Oh to dream the impossible dream.... Laaaaaaa, La, la, lala laaaaaaa.....