Where is the outrage! Finally we have a person who steps up and takes on Wall Street and the white collar thieves who do nothing but find new ways of stealing and more. And after watching the hearings live, courteousy of Fox News, we are disgusted and dismayed that this story is not leading all major media outlets.
This is not a “…you had to be there…” type of affair inasmuch as the Securities and Exchange Commission is without question one of the most incompetent organizations in the history of this nation.
Well finally they’ve got to listen. Harry Markopolos, a due-diligent barn-yard dog struggled for a decade to get regulators to stop the operations of disgraced money manager Bernie Madoff, slammed the Securities and Exchange Commission in his first appearance before Congress.
Markopolos, a securities industry executive and fraud investigator, brought his allegations to the SEC about improprieties in Madoff’s business starting in 2000 or earlier. He fruitlessly pursued the quest through this decade with agency staff from Boston to New York to Washington, but the regulators never acted.
People…People! If you have ears then hear this! If you have eyes then see this! If you’re blind have someone read it too you; but people do not let this incident go by and swept under the rug. It was you who desperately wanted change and transparency; it was you who elected Barack Obama to lead that ‘change.’ This needs to be addressed and changed…forever!
Markopolos told a House hearing Wednesday that there were no incentives for the SEC to find fraud and that the agency failed to understand the red flags he raised, describing the SEC’s failure as “a combination of incompetence and unwillingness to take on someone like Mr. Madoff.”
“That’s why they shy away from the big cases,” he said, adding later, “What you’ll see is the SEC is busy protecting the big financial predators from investors and that’s their modus operandi right now.” Furthermore he added the agency “roars like a lion and bites like a flea.”
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 Obama’s new SEC chief. What!
Now if Obama really wants to set the economy right and create new jobs, there is no better place right now than establishing an independent regulatory commission who in turn hires trainable, knowledgeable, willing to work like a barn-yard dog or blood hound to stop the frequency and amounts of money that is being stolen today by just about ever sector of industry.