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Does Money McBags work at the SEC?

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April 23, 2010 – Comments (7)

So that's how he knows all those porn references.

SEC senior officials spent hours surfing porn during economic crisis.

Hey, I like naked ladies as much as the next guy, but this is sad.  We have a rule at our office. It's pretty easy to follow. If you browse porn at work, you're fired.  That's pretty standard in the private sector. 

I think I need a government job.  I can surf porn all day, make $200,000+, with at worst a suspension, completely suck at my job, and never worry about getting fired even when unemployment is hovering around double digits (or closer to 15% if you don't use accounting tricks.)

Score one for the regulators.  There's no doubt we need more of that.  Let's give some more power and oversight responsibilities while we're at it.

David in Qatar

7 Comments – Post Your Own

#1) On April 23, 2010 at 11:21 AM, outoffocus (22.83) wrote:

Theres no way Money Mcbags works for the SEC.  He makes too much sense.

Anyway, heres my response from the other SEC post:  

Having worked for the government in DC, I believe it is a mindset.   They do it because they can.  The corruption in DC is so bad it's become part of the culture.  Thats part of the reason why I had to leave. Also, we've known that the SEC has been sleeping at the wheel for years.  Also, I know the SEC isn't really serious about fighting fraud and corruption, because if they were they would hire more people.  SEC is severely understaffed for the amount of investigations they need to conduct.  Yet when the financial crisis began and it became apparent that there was massive fraud going on, I think I saw less that 10 job openings on their website. 

The SEC is a nothing but a joke right now because just like Congress, they've been bought off by the corporations.

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#2) On April 23, 2010 at 12:04 PM, cbwang888 (25.83) wrote:

 

Keep on voting for bigger government. We need their regulations to save US economy ... LOL

Porn could be the next big thing for US exports as China bans their people for accessing.

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#3) On April 23, 2010 at 1:48 PM, TMFLomax (39.31) wrote:

David, your post was much funnier than mine! :) I hadn't had enough caffeine to post with anything more than groggy outrage. ;)

Yeah, one of those "secure government jobs," with amazing examples of productivity and efficiency like this. Sigh.

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#4) On April 23, 2010 at 3:20 PM, moneymcbags (< 20) wrote:

Money McBags can assure you he does not work at the SEC because if he did:

1. Goldman would be sacked

2. Banks that grew bigger than Lexington Steele would fail

3. Every wednesday would be take your trader to jail day

That said, he can not fault them for being human and thus misinterpreting their directive of trying to understand how people "manipulate their shorts."  After all, they are lawyers and not financial analysts.

Bottoms Up,

Money McBags

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#5) On April 23, 2010 at 7:38 PM, devoish (98.57) wrote:

Perspective Alert:

3500 SEC employees divided into 33 probes = .0094%

ONLINE PORNOGRAPHY—12 percent of employees have either by accident or on purpose, visited a pornography website while at work (versus 17 percent last year). The overwhelming majority of those who have visited pornography sites at work (95 percent) said their visit to the site was accidental.

Investment tip alert: (do your own diligence, SG&A seems ridiculously high to me). Websense  - WBSN

I guess in whereareyoufrom less than 1% is an Gov't bashing opportunity of epidemic proportions and the private sector is laying off 12% even as we speak.

Also according to your article, while you may not get "fired" you might "agree to resign".

Obviously visiting internet porn sites at work is not an epidemic at the SEC, although it does give you some cannon fodder.

Another interesting perspective is comparing publicity. When 17 people at a Gov't agency are doing something wrong we hear about it over and over and over, especially if it is tittilating. With apoologies in advance to David and Tom and the rest of the staff  could you imagine a private company like the Motley Fool issuing a press release saying "We're sorry our picks collapsed last year and lost you money, but we were jerking off" without the urging of Gov't law enforcement?

The SEC failuires stemmed from a failure of leadership and a "if its private its better" ideology, not a few porn visits.

Note to David:

"I think I need a government job.  I can surf porn all day, make $200,000+, with at worst a suspension",

From the article When his government computer ran out of hard drive space, he burned the files to CDs or DVDs. He later agreed to resign.

Thanks for the inevitable inaccuracy and making the story seem worse than it is.

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#6) On April 23, 2010 at 8:32 PM, whereaminow (20.94) wrote:

devo,

If my posts are stressing you out, the SEC guys can show you a great way to cure the tension. 

David in Qatar

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#7) On April 24, 2010 at 1:19 AM, RainierMan (80.23) wrote:

I do a lot of work with IT contractors, so I'll throw a little reality in the mix here, although reality isn't as entertaining as making stuff up...there is TONS of that (inappropriate surfing and web use) in the private sector. On the other hand, there are agencies such as DHS where their computers are locked down so tight they can't even bring CNN news clips up on their computers.

Besides the amazing stupidity of the SEC employees, I cannot believe the SEC wasn't even filtering web content. It must be a hacking dream.

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