Financial Services Committee chewing SEC to bits.

[dixiegrrrrl]

Madoff whistleblower blew SEC to pieces and SEC panalists attitude really pissed off the
Committee.
This story is as big as Attorneygate, and the hearings are so revealing.

Essentially, Bush's SEC fucked up and tried to justify their existance to Financial Comm. today.
ah yes...the old "moving forward" meme.

There will be calls to replace the SEC.

Pls. let this turn out for good.
edit:

I am watching re-runs of the hearing, and I have never ever heard such language, anger, bittrness, to a witness as D-Rep. Gary Ackerman is blasting SEC people right now.
" You don't know anything. How did you mess this up? What is wrong with you people"

Unbeleivable....

[Warpy]

1. I think the Madoff thing is going to blow the lid off

because there is no way 8 investigations over 10 years turned nothing up on that guy. While I'm sure he came across as perfectly trustworthy in a grandpa sort of way, there is no way the people at SEC could have been that charmed by him.

The whole thing is smelling more and more like collusion.

[dixiegrrrrl]

2. The whistlblower guy says it involves "organized crime"

and "european rich people laundering money" now suffering huge losses in Europe.
He implied that Madoff may be lucky to even be alive.

[Warpy]

4. I wouldn't be at all surprised

and I sincerely hope he stays off small aircraft for the next several years.

However, as much as I'd love to see the multinational plutocracy hauled off in tumbrils, I'll be satisfied if their lackeys at the SEC are jailed.

I don't think we'll ever stop the crimes of the plutocracy. I just hope we can slow them down for a while.

[elleng]

3. Ackerman was frustrated, loud and rude;

others on the committee were not so.

http://cspan.org/Watch/watch.aspx?MediaId=HP-R-15116

http://cspan.org/Watch/watch.aspx?MediaId=HP-R-15082

[phantom power]

5. Good for them. I can't help wondering, where was the FSC 5 years ago?

When it might have helped prevent this sort of goat-fuck?