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Gary Aguirre case,– embarrassment for SEC
Don, how do we accelerate the message and get people to respond? It only works if enough people react and respond. Congress takes bribes, Corporations pay lobbyists, and people fight the fractured fight. How do we make fractured people united people?— January 29, 2009 5:25 p.m.
Gary Aguirre case,– embarrassment for SEC
Don, since we have now come to agree that Madoff happened because the SEC failed us and Congress failed us, let’s talk about accountability. Certainly Linda Thomsen must go and most likely she will. This lady has more skeletons in her closet than a corrupt undertaker. She has not been a leader or a visionary when it comes to getting in front of crime. Firing Thomsen will not stop this madness but it will be a sign that the message came through that people want change. Now how about Congress? We hear about clawbacks, and we listen to guys like Schumer pontificate about why everybody failed but BUT the Oversight of Congress so let me ask you, should the courts and SIPC clawback the campaign contributions Madoff made to Schumer and his fellow Congressmen? Better still, what level of integrity and accountability does it show for these members to not immediately return these monies on their own and before being demanded to do it? To think that they were enriched from a ponzi scheme in which so many were destroyed, should we trust those who keep the money in such a time of crisis? I suggest we write in to the members and ask them what they think about this. Just my random thoughts.— January 29, 2009 1:21 p.m.
Gary Aguirre case,– embarrassment for SEC
Money is and will always be the underlying issue. For example, we saw that the Director of Enforcement went before Congress and blamed limited staff and budgets as cause for their failures. FINRA representatives denied they held any responsibility towards this at all. Today, as Obama forced Citigroup to kill the purchase of a $50 Million jet they have had on order since 2005, we find that Mary Schapiro may receive upwards of $25 Million in her exit package from FINRA. Imagine the investigators this type of money, and that handed to other top executives, could employ. Wasn't the NYSE in a battle over how Grasso was compensated and now we find that Schapiro is not that far off based on years of service ratio's. The story on Schapiro can be read here: http://investigatethesec.com/drupal-5.5/?q=node/5…— January 29, 2009 5:54 a.m.
Gary Aguirre case,– embarrassment for SEC
Don, great job with the story but with good sound follow-up responses. Few are willing to give these issues much print so it is a pleasure to see it here. Trust Kotz if no one else. This is a man with a commitment to seek the truth at all costs. as for the rest, they all have their own hidden agenda's that come and go depending on the tides. I was fortunate to meet Mr. Aguirre once in New York at a conference he spoke at. Quite a man.— January 22, 2009 4:04 p.m.
Gary Aguirre case,– embarrassment for SEC
Don, I have my concerns over Shapiro as well but have been told from insiders that she will come in and do some house cleaning. Unfortunately, people in Washington say a lot to get the job and then fail to execute what they say they were going to do. Only time will tell on that one. Ultimately the failure of the SEC rests with congress because like the SEC they have thrown soft punches at best when it came to reforms and oversight of our Capital Markets. Cox did not fail this month or last, Cox was failing years ago and the public upheavel from his failings was being silenced by lobbyists. There was no deeper investigation and there were no follow throughs. Congress never addressed the issues in oversight hearings which is why, after Aguirre was exhonerated we never heard a peep again. If we are to have Congressional Oversight those on the Committee must be held equally accountable when an agency they oversee has failed as miserably and as quickly as the SEC has failed.— January 22, 2009 10:34 a.m.
Gary Aguirre case,– embarrassment for SEC
What is most concerning about this is that not only have two Congressional investigations and an OIG investigation concluded similarly but that after the issue with Ms. Murray was exposed, the SEC did nothing to rectify it. I anticipate that we will have seen the end of Linda Thomsen and some of her staff real. Each will suddenly announce intent to move to the private sector while behind the scenes the new administration will have simply asked them to leave or be terminated. Something should be done about Murray as well. She has a history of "questionable" calls.— January 22, 2009 6:32 a.m.