muses of the moment

February 16, 2009

SEC loses a director

Filed under: Odds 'n ends — totallygroovygirlfriday @ 5:31 pm

This whole lack of Security and Exchange Commission oversight in the Madoff scandal, insider trading before bank implosions, and the fact Freddie and Fannie haven’t filed formal annual financials since 2004 (begging the conclusion that they have been insolvent since then), is looking more and more like the Vatican’s child molestation policy. Move the offender to another area and don’t say anything.

Here is another example of this type of move: the current SEC director to the private sector and a private sector banker from Deutsche Bank to the SEC. Guess what, the American investor will get screwed again.

In an AP article:

The US Securities and Exchange Commission said Monday its enforcement chief has quit, following criticism over apparent failure to uncover the alleged 50 billion dollar investmentscam run by mastermind Bernard Madoff.

SEC enforcement director Linda Chatman Thomsen planned to return to the private sector, the commission said, praising her three year stint as “a historic period.”

US lawmakers last week gave the commission a severe tongue-lashing for not moving swiftly to uncover the Madoff scandal despite ample warnings, including by a private securities sleuth who said he tried for nearly a decade to sound the alarm on Madoff.

It is not known who will replace her but it was reported over the weekend that former Assistant US Attorney Robert Khuzami, currently the general counsel for the Americas at Deutsche Bank, was a top candidate.

No investor with an ounce of common sense will risk putting money in a country’s financial market that has no true oversight. The good money has already left the US dollar, please follow their example. Or get crushed in the rush to the exits.

Here is a good link to non-biased journalism. They have a running tally on bailout money and promises of the government.

http://www.propublica.org/

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