What was the SEC doing
While old Bernie was stealing billions. They act like typical government employee's
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MovieChat Forums > Madoff (2016) Discussion > What was the SEC doing
they were all pounding their puds and waiting for the day when they would be getting gigs at one of the investment banks
but they werent incompetent, they were complicit
Oh my goodness. I came on here to ask that same question. Just finished part 1 and started part 2, where the SEC guy congratulates Bernie instead of calling about the DTC number! Unbelievable. It just goes to show that if you want to screw something up, just put in the hands of government.
shareI wish I could remember what I saw that actually showed part of the hearing with the SEC - some documentary. The Judge -- if it hadn't been so serious - was a riot. He asked the SEC people what the hell they had been doing all those years when people wrote letters about Madoff, and the SEC was doing the hummina...hummina...and he wasn't buying it.
The hearing might have been included in Enron: The Smartest Guys in the Room which was shocking. I mean, you can't get a loan for $500 but banks were giving Enron millions that went into dummy corporations with no products. It's all insanity.
There was another Enron show, The Crooked E, that depicted the Arthur Andersen auditors as a "show up and do nothing" crew sitting in a side office playing video games and Nerf basketball.
shareBush had cut back the size of the department and its budget
that's the excuse they gave. The Judge didn't buy it and neither do I.
shareOne can only assume they were lounging around in a carefree circle jerk waiting for the clock to hit 5:00 every night.
I've seen brothels that were more efficiently run.
"Jesus, does anyone?"
Also, they now suspect he was running this scheme back in the '80s, so Bush had nothing to do with it.
The old, "it's Bush's fault" cliche. I'm hoping ya'll will come up with something new.
The following is the SEC budget, in $000s, starting the year before President Bush;
1999 - 341,574
2000 - 377,000
2001 - 422,800
2002 - 513,989
2003 - 716,350
2004 - 811,500
2005 - 913,000
2006 - 888,117
2007 - 881,560
2008 - 906,000
Throwing money at a problem won't solve it.