Obama Admin and Bush Admin are kissing cousins: Tsk Tsk.
How's that for CHANGE? Get out there and "SERVICE" these people!
"SEC is incompetent, the securities industry's self-policing organization, the Financial Industry Regulatory Authority, is very corrupt. That organization was headed until December by Mary Schapiro, President Barack Obama's new SEC chief."
The man who waged a decade-long campaign to alert regulators to problems in the operations of fallen money manager Bernard Madoff told Congress today that he had feared for his physical safety.
Harry Markopolos also assailed the Securities and Exchange Commission in his first appearance before lawmakers. The SEC failed to act despite receiving credible allegations of fraud from Markopolos about Madoff's operations over a decade.
Because of the agency's inaction, "I became fearful for the safety of my family," Markopolos said at the hearing of a House Financial Services subcommittee.
"The SEC is ... captive to the industry it regulates and is afraid" to bring big cases against prominent individuals, Markopolos asserted. The agency "roars like a lion and bites like a flea" and "is busy protecting the big financial predators from investors," he said.
He spoke as several top-level SEC officials, including the agency's enforcement director, sat three rows back in the packed hearing room, awaiting their turn to testify before the panel.
While the SEC is incompetent, the securities industry's self-policing organization, the Financial Industry Regulatory Authority, is "very corrupt," Markopolos charged. That organization was headed until December by Mary Schapiro, President Barack Obama's new SEC chief.
Read more at
http://www.truthout.org/020409R
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