WhatPartOf

The hearing held on Wednesday  in the Financial Services Committee only goes to show how much the SEC needs reorganized or just disbanded.They apparently feel they answer to no one. Not even congress! Their blatant disregard for the rights of the people should make every Citizen Mad as Hell!!But I suspect few people actually are watching these hearings.

The SEC gang of 5+1(Financial Industry Regulatory Authority CEO Steven Luparello) started by telling the committee, their job descriptions. I haven’t checked but I probably could have gotten that from the SEC website.You could tell from the start that they were not going to give any answers to the real questions.They brought their mouth piece with them(SEC Acting General Counsel Andy Vollmar)and you could tell he was there only to try and keep the inquiry off track.Hell he couldn’t even claim executive privilege convincingly.

The main character was Enforcement Director Linda Thomsen. Most of the questions seemed to be directed at her.The lack of enforcement was obvious.She conveniently could not comment on what was actually going on at the SEC during the time that Harry Markopolos was trying to give the SEC Bernie Madoff on a silver platter.She repeatedly responds with”without speaking to specifics”  we wouldn’t want any specifics now would we. I will give it to the committee they tried to get some answers but didn’t come up with any. I guess  she thinks the committee didn’t represent any one . Six were there but only 3 even opened their mouth

The only person there that seemed to feel any responsibility to answer was Compliance Inspections Director Lori Richards. She seemed to be the only one speaking that would attempt to respond. But you could tell in her answers that she was being restrained by the SEC.She had a lot more she wanted to say. She should come forward and tell everything.So I guess we won’t get any answers from The SEC Chairwoman either.They all need to be subpoenaed by congress and forced to admit that they did not do their job.It may not rise to criminal but maybe it should.

I have no confidence in the audits they have done. The industry I work in(30 years) is subject to audits from the Federal Government. I have never had a surprise inspection not one in 30 yrs!  I was called and told  what date and time they would be there so I suspect the SEC is no different.