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Useless, utterly useless
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Originally Posted by GrimJack 
I read that part, all it said is that if you did not pay us, your screwed. The point of SOX was to protect the public - it was gutted by Bushies; it did not do the due diligence it was mandated to do.
The Madoff children knew that it was a scam and did not allow their dad to touch any of THEIR money for years but did not say anything until it looked like the scam was going to be uncovered.
The free market says 'screw you' unless you pay me. Why did those 'due diligence' firms not notify the public? The free market paid Moodies and S&P to honestly rate the credit-worthiness and they lied and cheated and brought about the current crash. How does the Free Market handle that?
SOX was set up to try and protect the public from the Free Market.
The Madoff family has long standing ties to SIFMA, which represents many of the country’s biggest brokerage houses, banks and financial services companies. Bernard Madoff sat of the board of directors of the Securities Industry Association, an advocacy group that merged with the Bond Market Association in 2006 to form SIFMA. His brother, Peter Madoff, the senior managing director of the firm, served two terms as a member of SIFMA’s board of directors.
Politico reported Tuesday that Shana Madoff Swanson, who’s the niece of Bernard Madoff and a compliance attorney at his firm, is married to former SEC investigator Eric Swanson. Swanson left the SEC in 2006, and the two were married in 2007. Swanson was the assistant director in the SEC’s Office of Compliance Inspections and Examinations’ market oversight unit in Washington. According to his biography, Swanson “supervised and conducted inspections and examinations that involved a wide range of issues including best execution, order handling, insider trading [and] market manipulation.”
The lobbying firm Dow Lohnes Government Strategies filed paperwork on Dec. 12, terminating its lobbying contract with Bernard L. Madoff Investment Securities. That ended more than 10 years of Madoff lobbying in Washington, in which his investment firm spent more than $400,000 to influence the federal government. Bernard Madoff sat of the board of directors of the Securities Industry Association, an advocacy group that merged with the Bond Market Association in 2006 to form SIFMA. The two Madoff brothers have given $56,000 to the lobbying organization over the past nine years.
Imagine a world without hypotheticals....
You can have my book when you pry it from my cold, dead fingers.
You can have my book when you pry it from my cold, dead fingers.
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Originally Posted by GrimJack
The free market says 'screw you' unless you pay me.
"One of the methods used by statists to destroy capitalism consists in establishing controls that tie a given industry hand and foot, making it unable to solve its problems, then declaring that freedom has failed and stronger controls are necessary." --Ayn Rand
http://news.yahoo.com/s/ap/20081217/...madoff_scandal
"Credible and specific allegations regarding Madoff's financial wrongdoing going back to at least 1999 were repeatedly brought to the attention of SEC staff, said Cox. Cox said he was gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate the allegations or at any point to seek formal authority from the politically appointed commission to pursue them."
"Gravely concerned?"
"Cox's critics said that targeting the staff was Cox's attempt to salvage his own reputation.
"He put in place the people he is now shifting the blame to," said Ross Albert, a former SEC senior special counsel, former federal prosecutor and now a private attorney in Atlanta.
Senate Majority Leader Harry Reid, D-Nev., suggested Cox bears some of the responsibility for what went wrong.
"I served in Congress with Christopher Cox, but I don't think he's going to make the All-Star team," said Reid."
This is just the usual Fox/Henhouse syndrome, which is going to continue until some of these thieves start going to jail.
"The rich are different." That is, they buy the legislators who give them the laws and free passes they want. Nothing's going to change until true campaign finance reform makes it impossible to buy congress' votes. Don't look for that any time soon.
"Credible and specific allegations regarding Madoff's financial wrongdoing going back to at least 1999 were repeatedly brought to the attention of SEC staff, said Cox. Cox said he was gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate the allegations or at any point to seek formal authority from the politically appointed commission to pursue them."
"Gravely concerned?"
"Cox's critics said that targeting the staff was Cox's attempt to salvage his own reputation.
"He put in place the people he is now shifting the blame to," said Ross Albert, a former SEC senior special counsel, former federal prosecutor and now a private attorney in Atlanta.
Senate Majority Leader Harry Reid, D-Nev., suggested Cox bears some of the responsibility for what went wrong.
"I served in Congress with Christopher Cox, but I don't think he's going to make the All-Star team," said Reid."
This is just the usual Fox/Henhouse syndrome, which is going to continue until some of these thieves start going to jail.
"The rich are different." That is, they buy the legislators who give them the laws and free passes they want. Nothing's going to change until true campaign finance reform makes it impossible to buy congress' votes. Don't look for that any time soon.
BS, PH, CIB
And then, I found this:
SEC Report: Employees Browsed Porn, Ran Private Businesses
http://www.propublica.org/article/se...When:17:01:11Z
"[Investigators] uncovered evidence that an employee who was still in his probationary period had used his SEC laptop computer to attempt to access Internet websites classified as containing pornography, resulting in hundreds of access denials. The OIG investigation also disclosed that this employee successfully bypassed the Commission’s Internet filter by using a flash drive."
I worked for the Feds back in the 70s and observed similar behavior first-hand.
SEC Report: Employees Browsed Porn, Ran Private Businesses
http://www.propublica.org/article/se...When:17:01:11Z
"[Investigators] uncovered evidence that an employee who was still in his probationary period had used his SEC laptop computer to attempt to access Internet websites classified as containing pornography, resulting in hundreds of access denials. The OIG investigation also disclosed that this employee successfully bypassed the Commission’s Internet filter by using a flash drive."
I worked for the Feds back in the 70s and observed similar behavior first-hand.
BS, PH, CIB
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If only Madoff's scheme were gov't run...
"One of the methods used by statists to destroy capitalism consists in establishing controls that tie a given industry hand and foot, making it unable to solve its problems, then declaring that freedom has failed and stronger controls are necessary." --Ayn Rand
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Washington Is Killing Silicon Valley
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[...]
From the beginning of this decade, the process of new company creation has been under assault by legislators and regulators. [...]
The new laws and regulations have neither prevented frauds nor instituted fairness. But they have managed to kill the creation of new public companies in the U.S., cripple the venture capital business, and damage entrepreneurship. [...]
[...]
For all of this, we can first thank Sarbanes-Oxley. Cooked up in the wake of accounting scandals earlier this decade, it has essentially killed the creation of new public companies in America, hamstrung the NYSE and Nasdaq (while making the London Stock Exchange rich), and cost U.S. industry more than $200 billion by some estimates.
Meanwhile, FASB has fiddled with the accounting rules so much that, as one of America's most dynamic business executives, T.J. Rodgers of Cypress Semiconductor, recently blogged: "My financial statements are a mystery, even to me." [...]
But FASB's biggest crime against the economy and the American people came when it decided to measure the impossible: options expensing. [...]
Not to be outdone, the SEC has, through the minefield of "full disclosure" requirements and other regulations, made sure that corporate directors would never again have financial privacy and would be personally culpable for malfeasance anywhere in the company. This has led to a mass exodus of talented people from boards of directors in places like Silicon Valley. Full disclosure was supposed to make boards more responsible. Instead, it has made them less competent.
[...]
[...] If Mr. Obama is serious about getting the country out of this recession using something more than public make-work projects, he should restore the integrity of the new company creation cycle: rewrite full disclosure, throw out options expensing, make compliance with Sarbanes-Oxley rules voluntary, and if he won't cut it, then at least leave the capital gains tax rate alone.
Otherwise, Mr. Obama might end up being remembered as the second Herbert Hoover, not the next FDR.
"One of the methods used by statists to destroy capitalism consists in establishing controls that tie a given industry hand and foot, making it unable to solve its problems, then declaring that freedom has failed and stronger controls are necessary." --Ayn Rand
Murdock owns WSJ and FOX Snews - why anyone would quote those sources as having any kind of validity is way beyond me. It's like quoting Ace on Obama.
Neither are rational.
Neither are objective.
Neither are rational.
Neither are objective.
Imagine a world without hypotheticals....
You can have my book when you pry it from my cold, dead fingers.
You can have my book when you pry it from my cold, dead fingers.
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Originally Posted by GrimJack
Murdock owns WSJ and FOX Snews - why anyone would quote those sources as having any kind of validity is way beyond me. It's like quoting Ace on Obama.
Neither are rational.
Neither are objective.
"One of the methods used by statists to destroy capitalism consists in establishing controls that tie a given industry hand and foot, making it unable to solve its problems, then declaring that freedom has failed and stronger controls are necessary." --Ayn Rand
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Originally Posted by Dave Sinkula
Do you ever apply this same scrutiny to your own sources? [/rhetorical]
Imagine a world without hypotheticals....
You can have my book when you pry it from my cold, dead fingers.
You can have my book when you pry it from my cold, dead fingers.
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Then you do understand that such is the same thing you appear to be complaining about.
"One of the methods used by statists to destroy capitalism consists in establishing controls that tie a given industry hand and foot, making it unable to solve its problems, then declaring that freedom has failed and stronger controls are necessary." --Ayn Rand
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