Tuesday, March 03, 2009

No Cops for the Crooks

Hard to police the mean streets of Wall Street without enough cops. Is this misfeasance or malfeasance? Right now, I really do think it matters. The thing is that less regulation meant not only fewer, simpler written rules but less effective enforcement of the remaining rules. Which got a lot of money for Bernie Madoff types, Which leads me to the question of the day: how much money from the Wall Street thieves got into Republican hands?

Staffing Shortages Fuel Agency Failures - Federal Eye -:
"The Securities and Exchange Commission is under fire for failing to catch the $50 billion fraud allegedly orchestrated by Bernard L. Madoff, and some at the organization blame staffing shortages for the lack of adequate oversight.

'The amount of resources available to the SEC has not kept pace with the rapid expansion in the securities market over the past few years,' SEC director of enforcement Linda Thomsen recently told the Senate Banking Committee."

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