This is Great - a must see! Rep. Gary Ackerman (D-NY) is pissed - someone who finally had enough balls to tell the SEC how they really feel about their complete incompetence and lack of system oversight in the Madoff Ponzi scheme:
Click play and allow a few moments to load.
Hat tip FOFOA
8 comments:
Wow,great stuff,but this needed to be done about 8 yrs ago.But better late than never I guess??
Wow amazing!
The video doesn't come up on my Mac. Here's another link:
http://video.google.com/videosearch?hl=en&q=sec+%22Gary+Ackerman%22&=ONLY#
Gary Ackerman's comments: we are sitting here talking to ourselves and you guys are pretending to be here, you have failed your mission, you people are completely inept, I am reflecting what the American people think Linda Thomsen was in tears.
SEC was given a fitting rebuke.
I don't know, the entire hearing looked like an infomercial and incompetence was the product. Think about it, what is the alternative to incompetence?
"Wow,great stuff,but this needed to be done about 8 yrs ago.But better late than never I guess??"
Yep...Where were all of these tough talkers Betty Crockers before S$i& hit the fan? The demagogues will be like a swarm of locusts as things continue to unravel.
Amazing. The same congress that is berating the regulators for incompetence is soon going to increase the scope of financial market regulation, giving more power and responsibility to the incompetent.
How bad does it have to get before people realize that government cannot effectively protect investors, and that it is in fact government regulation it self that gave Madoff cover and credibility.
Where's the "Play" button?
While I see his performance as a step in the right direction, he was playing to the gallery. I would have believed the story if they followed up by grilling the Bank CEOs. It was the most disgusting show that I have seen in a long while. The CEOs were handled with kid gloves and nobody asked the tough questions.
And if someone started asking too many tough questions, Barney Frank would time them out!! Some of the Congressmen were profusely thanking these CEOs for just coming to Congress (as if they were blessed by their presence). Only one guy - Michael E. Capuano, went ballistic on them. Oh Boy!! Mike's never gonna get a dime in campaign contribution from these banks.
We need to start contributing to the campaigns of all congressmen who are taking pro-active actions against these scums. If we attain critical mass, we could displace the contributions from these banks, making the politicians less subservient to them. Guess which Investment Bank was one of the largest contributor to BO's campaign?
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