The Securities and Exchange Commission appears to be serious about identifying which officials failed to uncover Bernard Madoff’s Ponzi scheme and determining whether the agency is able to “to respond appropriately and effectively to complaints and detect fraud.” But the SEC should have been more serious about its regulatory responsibilities before the Madoff scandal and the credit crisis.
The SEC’s inspector general is looking at whether the SEC violated its own policies by not conducting timely reviews of Madoff’s firm and whether Madoff’s membership on SEC advisory panels influenced the agency’s decisions regarding his company, the Washington Post reported. And more broadly, the inspector is examining whether the SEC’s procedures to handle complaints are sufficient.
Meanwhile, Mary Schapiro (in photo), who is President-elect Barack Obama’s pick to head the SEC, plans to impose tighter regulation of hedge funds and credit rating agencies. And she is considering reversing some Bush administration policies that made it harder for SEC staff to bring enforcement cases.
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15 Comments
Asking for government oversight in the Bush administration? You know what you did wrong, right?
I think it will take several more years before Americans begin to fathom the full effects of the damage done by the Bush administration.
Bush was and is a silly man, frankly. He has a child-like faith in the idea that the good will always triumph over the bad, that even when faced with innumerable hard constraints (e.g., accurately predicting quarterly financial metrics in the face of dynamic change, shareholder power, the power vacuum created in Iraq when the military was disbanded, indeed the overnight destruction of a whole government and its replacement by a disinterested occupational force like the USA, etc.).
Bush has a kind of romance with this idea, that humans are inherently good and thus in high finance and nation-building (to name just two areas) they can sufficiently regulate their own behavior. Which is fine when you’re a 16-year old, but catastrophic of you’re intellectually incurious, do not actively seek out (even court) those with opinions in opposition to yours, do not take seriously those opinions, and are POTUS.
It’s an American tragedy that an MBA president would allow himself to be seduced by the idea that the SEC has no valid enforcement role to play in American commerce. A real tragedy, with a high cost to the nation.
Bush is a silly man.
“Speaking of Iraq, let’s also not forget that country’s failed reconstruction: the Bush administration handed billions of dollars in no-bid contracts to politically connected companies, companies that then failed to deliver. And why should they have bothered to do their jobs? Any government official who tried to enforce accountability on, say, Halliburton quickly found his or her career derailed.”
–Paul Krugman
“Why, then, shouldn’t we have an official inquiry into abuses during the Bush years?
One answer you hear is that pursuing the truth would be divisive, that it would exacerbate partisanship. But if partisanship is so terrible, shouldn’t there be some penalty for the Bush administration’s politicization of every aspect of government?”
–Paul Krugman
Perp walks are needed to clear the air. We Need about a half dozen Kenneth Star types just to get the ball rolling.
The SEC is yet another example when Right thinking Americans dominate every aspect of the Administration, and demonstrate how wrong their philosophy is.
Again, you tards think that “it’s all Bushs’ deal”. Well, fools, we’ll see. Your people were in the mix too.
The only two people in government right now who doesn’t need tried, convicted and hanged for treason are Ron Paul and Dennis Kucinich. You idjits just need a whipping boy, Obaaaama will get no reprive either.
Dumb arses.
Reprieve.
Would one of you Bush haters actually look at how long Madoff had been in business. This is what makes me afraid for our nation. I think Obama will do the best he can to help the economy and I believe our country is strong. But when I listen to some of what you guys post I am very concerned about the intelligence of some of our citizens.
What will you do when Bush is gone. How long before you realize that something/someone other than Bush was instrumental in what is happening.
I hate Bush too, but I love the kitty.
I think the first Madoff accusation/warning came in 1999, but since then there have been numerous complaints/accusations. I don’t expect the SEC to be perfect whoever is at the top, but after repeated tip offs, I expect action. Not sure how long Madoff was an SEC advisor, but my guess is it started under the bush admin.
My understanding is similar Phantom. Madoff may have begun his ‘fun and games’ before 2000 but the real red flags were flying more recently.
Pleefer–
For a long time, you didn’t comment very much.
Yeah.
I miss those times.
******
This is obviously another case of BushCo putting people in charge of an agency that HATE what that agency does–regulation and oversight.
So they didn’t do it.
Big surprise.
This time however, it wasn’t the small investor but the BIG investors that got burned.
Capn’,
I loves this free speech thing.
Just a reminder…for all those wanting to celebrate Obama’s inauguration…we’re getting together in the back room of The Anchor on Friday night..starting around 6:30. Hope to see you there!