Wednesday, August 17, 2011

High Crimes At The SEC: Time To Fire and Prosecute Mary Shapiro

This isn't just about Rome burning burning while Nero fiddles or Obama riding a bus through Podunk, Iowa while his wife travels abroad with an entourage of friends on the Taxpayer dime. This is about criminal liability at the SEC and those responsible for enabling corrupt Wall Street enterprises and thieves like Madoff to operate without fear of prosecution. If Obama does not take leadership in this situation and really shake up the SEC, including getting rid of Mary Shapiro, he may well go down as the worst President in history.

As one former SEC staffer describes it, the agency is now filled with so many Wall Street hotshots from oft-investigated banks that it has been "infected with the Goldman mindset from within."

Matt Taibbi of Rolling Stone has published an excellent report detailing how an SEC whistleblower has exposed the SEC's practice of destroying all documents connected to any investigative inquiries about possible illegal activities on Wall Street. As it turns out, there is a long legacy of SEC officials who are hired away into lucrative positions at big Wall Street firms as a means to squash any potential investigations into fraud and corruption based on these inquiries:

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