February 12th, 2009 at 4:51 pm by David Farrar
Go to CNBC and watch this video of Representative Gary Ackerman savaging officials from the US SEC over the Madoff Ponzi scheme. Wonderful. No method to embed but is worth a watch.
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fraud,
United States
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February 12th, 2009 at 5:06 pm
no..this is an attack..
..
(from my commentary on todays’ questiontime..)
“..whoar..!…russell norman has a ginge-suit on..!
..tho’ i see he has taken my previous advice…and dropped the guy ritchie/wide-boy/cockney-gangster look of the shirt collar out over the suit jacket..(which is a relief..!..)
i have more sartorial advice for dr norman..
..and that is to keep/restrict his ginge-chest..to himself/loved ones..
viewers of this weeks ‘backbenchers’..on tvnz7..will be confronted by the scary/unsettling/discomfiting sight of an ‘unbuttoned-norman’..
i couldn’t follow/focus on what he said..
..i was dreading a (burt reynolds-styling) medallion peeping out from the clustered/curled/on-show ginge-chest-hairs..
‘button it up..!..dr norman..!’..(sheesh..!..)
and this visual distraction is happening now/again..
..norman is drifting in and out of his ginge-suit..
..and becoming one big ginge-thing..)..”
phil(whoar.co.nz)
Vote:February 12th, 2009 at 5:10 pm
Brilliant! Shredded. Just look at the SEC’s stony faces. The but, but, but’ing. Well done!
Vote:February 12th, 2009 at 5:22 pm
Hell hath no fury like a politician from a pro-regulatory party who has just received a severe object lesson in the gaping weakness of the whole concept of regulation…….
Vote:February 12th, 2009 at 5:38 pm
Masterful.
Now if only someone would do that to the Childrens Commissioner.
Vote:February 12th, 2009 at 5:40 pm
Brilliant. SEC did a good imitation of ‘Yes Minister’ but in my opinion Ackerman showed them up for what they are totally incompetent!
Vote:February 12th, 2009 at 6:04 pm
Maybe the SEC needed one of Winston’s NO cards
Vote:February 12th, 2009 at 6:07 pm
Too bad they didn’t do this to the neo-cons when they failed to discover any WMDs in Iraq or told the public there were solid connections to Al-Qa’ida and Saddam when the Head of the CIA at the time told them there weren’t.
Too bad they didn’t do this when the banks took the TARP funds and didn’t use them for the purpose for which the US taxpayer was told they were being given.
Too bad they didn’t do this when Spitzer alleged that Bush used the OCC to shut down multiple investigations by all 50 state attorneys general into the predatory lending practices that led to sub-prime and the GFC. (Everyone of course recalls Bush’s firing of multiple attorneys-general a year or so before the election. Gee, what a coincidence, nothing to see here, folks.)
Too bad, wasn’t it.
Vote:February 12th, 2009 at 9:45 pm
Danny de Vito will play him in the movie version.
Vote:February 12th, 2009 at 9:49 pm
I never seem to have much luck with these Video’s
Was there any mention of Harry Markopolos and his sworn testimony to Congress last week ?
Eight years ago Markopolos an Independant Financial Fraud Investigator & Analyst took his concerns and findings regarding fraudulent activities at Madoff Securities to the Securities and Exchange Commission ( SEC ).
Repeatedly.
The SEC took no action on this over these past eight years.
Vote:February 12th, 2009 at 10:15 pm
Unbelievable. Indeed a must watch video: “We believed the enemy was Madoff, but they enemy is you. You gave him protection.”
Vote:February 12th, 2009 at 10:17 pm
The Otago District Health Board could do with a dose of this sort of enquiry regarding Swann’s fraud!
Vote:February 12th, 2009 at 11:02 pm
Yeah that’s it PhilBest, dismantle regulation and let the free market reign… good luck with that.
I’ve no particular sympathy for this mob. But neither do I for the legislature who not only passed the laws and regulations, I bet they seldom seriously scrutinised the agencies performance.
End of the day but, Madoff’s a crook.
Vote:February 13th, 2009 at 12:23 am
Paul: dismantle regulation and let the free market reign… good luck with that.
We tried regulation. And another Enron would never ever happen right?
Vote:But you can sleep well: the free market won’t reign, government will reign as never before.
February 13th, 2009 at 2:16 am
Now THATs what I call a smackdown.
Vote:Can’t believe I’m saying this, but Winston was right: our media (and politicians too) are a bunch of meercats, at least compared to that guy.
February 13th, 2009 at 7:29 am
Had Ackerman shut up when the non-answers were been given, it would have been even more revealing.
Update here, the FSA are meant to visit each Financial Institution every 6 months.
They decided not to bother for the 2 years prior to Northern Rocks demise.
Too busy lunching out. When you look at the antics of their Vice Chairman, who resigned in a hurry, it all makes perfect sense.
The Bankers may be Masters of the Universe, but the appointed, (and extremely well paid) regulators went to sleep at the wheel!
Vote:February 13th, 2009 at 10:25 am
There has to be a market somewhere for skin that thick. That lawyer may have been uncomfortable, but the prick was totally shameless.
Vote:February 13th, 2009 at 11:28 am
For the full testimony of Markopolos, here is the link
Vote:February 13th, 2009 at 2:39 pm
Paul: “dismantle regulation and let the free market reign… good luck with that…”
Paul, name me one place in the world where the free market DOES reign. You lefties make me sick, talking about the current crisis as an example of that, when it would not have happened without the sticky beak of government in it all over the show.
If I was a betting man and if it was possible to arrive at some appropriate measurements of economic freedom, I would bet that the nations that are freest will be affected least by the depression now. And I don’t mean some of the existing surveys that weight the factors of less consequence in this particular issue, too highly.
Nations that had the freest approach to housing development and the most affordable housing as a consequence, are way ahead of the pack and that is just the first of several significant factors where government is involved. Another significant factor, is government involvement in the mortgage market, either by guarantee or subsidy or even “social responsibilty” requirements.
Even within the USA, if Texas was a totally separate economy, they have not had a housing bubble and they have not had an equity wipeout. Securities based on Texas mortgages would be some of the soundest investments you could wish for.
Vote:February 13th, 2009 at 5:41 pm
NoCash (104) Vote: 0 0 Says:
February 13th, 2009 at 11:28 am
For the full testimony of Markopolos, here is the link
http://www.youtube.com/watch?v=uw_Tgu0txS0&NR=1
It comes up as ” This video is no longer available ” ???.
Vote: