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Oh, So That Was What the SEC Was Doing...

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April 23, 2010 – Comments (10)

Oh dear. The SEC's reputation just got a little more tarnished. (And goodness, it appears they were making good money to do this...)

10 Comments – Post Your Own

#1) On April 23, 2010 at 8:40 AM, Nickalisk (48.91) wrote:

Excellent.

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#2) On April 23, 2010 at 10:18 AM, cashkid79 (93.72) wrote:

Porn and politics, don't those kinda go together since Clinton (and this was the CNN site:))

Just kidding, I get the point, porn means they weren't doing their jobs, but how do ya know it wasn't just a quicky afternoon peek in another window as they were tracking interest rate movements or something...haha

The gov has a definite issue on their hands (SEC inclusive) and will do what needs to be done, but we need to back and influence them (America is a democracy last I checked) to do the right thing ... just that money clouds people's judgement most of the time (unless you have no automatic correlation with social order, status, money, etc. which is quite rare to be true, maybe not so much to be said).

Liprie, Timothy P

 

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#3) On April 23, 2010 at 10:22 AM, TMFBane (44.62) wrote:

Alyce, that is just too funny! What is it, by the way, with government workers and porn? :)

 

http://www.washingtonpost.com/wp-dyn/content/article/2008/01/23/AR2008012302511.html 

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#4) On April 23, 2010 at 10:33 AM, cashkid79 (93.72) wrote:

No comment, haha ... seriously, though - lack of real sex maybe for some - one thing to be at home with your wife or girlfriend, another to be at the office just gettin' busy like that ;)

Liprie, Timothy P

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#5) On April 23, 2010 at 11:17 AM, outoffocus (23.35) wrote:

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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#6) On April 23, 2010 at 11:33 AM, whereaminow (30.26) wrote:

Ha, Alyce ya beat me to it. 

All I gotta say is "where do I apply?"

David in Qatar

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#7) On April 23, 2010 at 2:28 PM, TMFLomax (52.14) wrote:

Yeah everybody... I dunno... it's funny in an "Idiocracy" kind of way I guess...

TMFBane

Oh man, that Washington Post article is nuts: "an average of about 200 times per work day in 2007".. oh man, those folks would have to be going out of their way, that's just unreal. Like the senior attorney admitting in this SEC thing to doing this up to 8 hours a day??

outoffocus

Right: "They do it because they can." And I think that's a huge problem overall these days, people are doing things because they can, and not thinking about things like ethics, responsibilities, how their actions impact others. I mean, I'm just as mad about some of the stuff that's been going on in corporate America (some of the corruption is fairly similar, that sense of folks doing things because they can, feeling very entitled to things they don't prove they deserve), but the argument (that I hear a lot these days) that "benevolent regulators" are going to save the day seems pretty weak given stuff like this. (And yeah, your comment about the SEC being a joke is spot on.) 

And I dunno, maybe this was folks "blowing off steam" on lunch hour but some of that data, like filling up hard drives, does simply sound like they weren't doing any work. (Filling up hard drives???) Good grief. And like I said on whereaminow's blog post, yeah... maybe this is what they were up to during the Madoff thing, when whistle blowers were trying to alert them? "Not now, we're busy"? Good stuff, ha.

Pretty outrageous...! I don't know, some of this behavior just seems like behavior in general that's too prevalent these days, folks who will try to take advantage of whatever big system or institution they have access to, without a second thought. Sheesh.

 

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#8) On April 23, 2010 at 2:43 PM, TMFLomax (52.14) wrote:

Oops, I thought I made the comment on their incompetence on the Madoff fraud on whereaminow's post... goodness, I'm glad it's Friday.

Here's the Washington Post's synopsis of this, which includes a few more examples of how this seems to be an unpleasant and recurring theme.

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#9) On April 23, 2010 at 2:50 PM, catoismymotor (< 20) wrote:

If Madoff had made a porno he would have been caught sooner.

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#10) On April 23, 2010 at 2:56 PM, TMFLomax (52.14) wrote:

catoismymotor

HA! I think you're absolutely onto something there, Cato! LOL...

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