The crooks are in charge.
“WASHINGTON – House lawmakers on Wednesday accused the Securities and Exchange Commission of impeding their probe into how the agency failed to uncover the alleged $50 billion fraud perpetrated by Bernard Madoff.
The clash between lawmakers and high-ranking SEC officials came at a hearing after the whistleblower in the case, Harry Markopolos, said he had feared for his physical safety and would turn over new evidence to the agency showing the alleged Ponzi scheme mastermind had not acted alone. . . .
He plans to present his findings to the SEC’s inspector general on Thursday. If proven, they would substantiate the assertions of many analysts that the alleged fraud was far too large for Madoff to have conducted alone. . . .
In loud, angry exchanges, lawmakers threatened to issue subpoenas to SEC officials to compel their testimony.
[Rep. Paul Kanjorski, D-Pa., the House Financial Services subcommittee’s chairman,] accused the agency of impeding the panel’s investigation, calling it an ‘abuse of authority.’
It was a blistering escalation of criticism of the SEC, which has been blasted by lawmakers and investor advocates over its failure to discover Madoff’s alleged $50 billion Ponzi scheme, despite the credible allegations brought to it over years. Against the backdrop of the worst financial crisis since the 1930s, lawmakers of both parties are calling for a shake-up of the agency.” (Read more from news.yahoo.com)
These stories are important in the argument against those who propose more government as a solution to our problems. The SEC worked hand-in-hand with Madoff. The best solution to the problem is to keep the money in our pockets and in our paychecks, instead of sending it to DC to fund criminal operations like the SEC.
Watch the shocking testimony of whistle-blower Harry Markopolos: