Who is watching the watchers?
More documents involved in the investigation of Wall Street con artist Bernard Madoff were released last week - and they confirm suspicions that federal regulators were asleep at the switch while Madoff was bilking investors out of hundreds of millions of dollars.
Madoff is serving a 150-year prison sentence. He has been interviewed by investigators trying to find out whether the Securities and Exchange Commission was guilty of negligence in failing to stop him.
There is ample evidence that SEC regulators gave Madoff free passes. A report released last week, involving a prison interview with Madoff, makes that clear. He told an investigator that he had "too much credibility" with regulators, who "dismissed" the possibility that he was engaged in fraud.
For months, federal agencies have been demanding more power - and more taxpayers' money - to regulate the financial industry. None of that should be granted until agencies such as the SEC provide satisfactory explanations - if that is possible - of why they failed to use their existing power to stop Madoff.
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Riutta1966
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11-10-09 7:55 PM
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There is much more Flaws in the Left wing philosophy! You see we don't want The Gov't Getting Waaayy too Big! Look at the Former USSR BIG GOV'T They control Everything! You see after the Fall Of the USSR I went to Ukraine Back in 96 since they been freed from communist control! The stores been well stocked with goods There is no long lines to buy much needed items! So merchants is free to stock up the items and making the profits! So get your facts straight Conservatives Real Liberals of the old, and Independents We call ourselves Real Americans! We don't want Gov't getting really big! try to control everything! We have laws but we never enforce them! Why didn't we bust the Crooked wall street people, Politicians that are involved?? Immigration, and so many other things! We already have these laws in the books! it doesn't matter who is in charge Reps or Dems! so brush up your history on communism why they failed because Big Gov't got too big!
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lostmyshovel
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11-10-09 10:42 AM
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No Riutta1966, I don't need to be kidnapped by pirates and held for ransom before I see the flaws in right-wing philosophy. It's the teabaggers who keep pushing for no government. If you don't like the African heat why don't you read up on medieval history instead -- the serfs didn't have any centralized form of government either!
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Riutta1966
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11-09-09 6:50 PM
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Sorry lostmyshovel We teabaggers don't drink your lib Kool-Aid! Since you have a thing for Somalia! Be my guest There waiting for you with open arms!
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adventure
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11-09-09 1:06 PM
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lostmyshovel, I've never advocated getting rid of the government, only that they should stick to their confined constitutional authority. Yes, Obama, Bushy & company haven't destroyed the republic...YET, but they've been working overtime trying to. What was Bushy's quote..something along the lines of "the constitution is just a G D piece of paper" And Obama "the constitution is a charter of NEGATIVE liberties". They don't exactly come across as people who I'd want in charge of the country, especially when they have absolutely no respect for the document that is the foundation of our country and government
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lostmyshovel
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11-09-09 11:56 AM
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"And back to my point, we can't fire the government if they do a crappy job" Wow, you tea baggers have really drunk too much of your own Kool-Aid. Yes, you can fire the government. It's called elections. You've done your best to portray Obama as the next Stalin but he hasn't abolished democracy yet. But I guess if by "firing" government you mean getting rid of it, well, that's a little harder to do. Why don't you check with Somalia and see how they're getting along without a government?
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adventure
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11-08-09 5:53 PM
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And back to my point, we can't fire the government if they do a crappy job, but if a private business operated something, with government oversight, they could be fired for doing a crappy job. The private companies would probably do the job more efficiently also. Little Cesars can sell a pizza for $5 and still make a profit, the government could never do that.
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TruePatriot
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11-08-09 6:25 AM
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Adventure, Again you are right to a certain degree. Not only are Republicans incompetent, they don't do what they stand for. They are clearly at fault for the majority of our Nation's debt starting with Raegan.
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adventure
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11-08-09 12:56 AM
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TruePatriot, thanks for confirming what I said. I said government fails at almost everything. And you agreed. I don't care which party screws up at running these unconstitutional programs. You make me laugh....Republicans don't believe in government?? They passed the patriot act, Medicare part "D", minimum wage hikes, among others. I don't know where you got the "republicans don't believe in government" idea but you are clearly wrong.
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Riutta1966
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11-07-09 11:07 PM
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You sure have Thing for The Republicans TrueMarxist It's your comrades The Democrats of the USSR is just as more responsible lay off the Vodka!
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RabbitKiller
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11-07-09 4:43 PM
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Who is watching the DMG and stopping them from writing lame editorials?
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buckskin
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11-07-09 11:11 AM
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wow you watch to many movies!!
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TruePatriot
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11-06-09 10:54 PM
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Adventure, You are right in a respect. Governments under Republican rule fails at most things. That is because Republicans don't believe in government so when they get a chance to lead it; guess what?? Its a self-fulfilling prophecy. They underfund departments and give key positions to their buddies who have no experience such as Brownie under Bush. As a result, government fails. They like this so then they can say government cant run anything. This allows them to cut government into small chunks and dole it out to their corporate bosses in return for big campaign contributions.
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adventure
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11-06-09 1:27 PM
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This is no suprise, because the government fails at almost everything. The SEC failed this time. The FBI failed in preventing 9/11, because they had reports of the terrorists wanting to fly planes and had no interest in learing how to land them. Immigrations failed to remove those who had expired visas from the country, and even issued visa's to 2 of them AFTER 9/11. The Fed Reserve has failed to protect the value of the dollar, which it was supposed to do. There is NO accountability in government. If they make numerous mistakes, they can't be fired. This is why the private market is much better. Let companies compete to offer services, letting the government oversee their operations. That way if they mess up, they can be replaced with a different company. If our unconstitutional government agencies fail, oh well, nothing anybody can do about it.
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buckskin
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11-06-09 12:51 PM
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Be careful what you wish for. With this change America theme, we may get more than regulation.
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lostmyshovel
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11-06-09 11:02 AM
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Boy, this editorial must be music to the ears of the Wall Street fat cats. Sure, take the word of Bernie "Ponzi Scheme" Madoff at face value, why don't you, just as the water's getting a little hot for his buddies and everyone who benefited from his scam. I prefer to believe the opposite of what he says, which is that regulators don't have enough resources to regulate our greedy financial industry. Frankly I think the SEC should get money to build a special prison for certain bankers, but I don't claim to be cool-headed on this topic.
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