David Kirkpatrick

December 22, 2008

SEC falling down on the job

Of course this comes as no surprise. During his two terms, Bush 43 has actively undermined government at every turn. I enjoy small govenment as much as any libertarian could, but I also value competence (at the very least) for the government we must have.

Heckuva job there, Georgie.

From the link:

Before his downfall in an alleged fraud that may end up costing investors $50 billion, Wall Street money manager Bernard L. Madoff circulated a promotional message extolling his service to clients.

“Customers know that Bernard Madoff has a personal interest in maintaining the unblemished record of value, fair-dealing and high ethical standards that has always been the firm’s hallmark,” Madoff proclaimed in a brochure designed to drum up more business.

The brochure called attention to the high-tech trading side of his business that was supposedly honestly run and legitimate, but it also offers a glimpse of why the Securities and Exchange Commission was unable to stop Madoff in his tracks despite repeated warnings.

As financial markets have grown increasingly complicated _ which was the case with this part of Madoff’s operation _ the SEC has struggled to keep up with the changes.

The circumstance of this relatively tiny bureaucracy _ 3,567 employees including clerical workers _ is that of an agency overwhelmed.

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: