Comments on: Did The SEC Lose Sight Of Its Mission?

An Up-Close Look At A Central Figure In The Economic Firestorm

[txgrouch2006]

there are none in government who are not part of this filthy mess.
Posted by BlackYowe at 02:48 AM : Sep 20, 2008

We ALL need to understand that.

STOP this partisan "Dems versus Reps" nonsense. That''s what they WANT us to think. THEY''RE ALL CROOKS - Dems and Reps alike.

As long as the partisan idiots cling to the idea that somehow THEIR crooks aren''t to blame, we will CONTINUE to have the same problems while we just ping-pong between the bands of crooks, always thinging the OTHER crooks won''t steal from us this time.

[gwjackie]

I wonder if anyone has checked the books.Ican tell you hell no! they should be a lot of people go to jail over this bullshi! It is time the American people had a say in this.

[pastdue1]

Both McCain and Bush balked when Cox suggested that some regulations be applied to the mortgage business.

[bluestardad]

AMERICANS NEED TO MARCH ON WASHINGTON AND CLEAN THESE CRIMINALS OUT TOP TO BOTTOM!

AMERICANS STAND UP OR SHUT UP!

[spiritwalk]

If you did have a Boston Tea Party today then the government would step in and bailout the owners of the tea and then the owners would take take a $20 million salary bonus from the bailout money.

[blackyowe]

This is all a damning statement on America. Greed rules this nation and there are none in government who are not part of this filthy mess. Our grandkids will pay for this. It was all planned and the CEOs all walk away with billions leaving the tax payers holding the bag. We reward those who rob us blind. Smooth move!

[skysoldier75]

A Republican President has taken the unprecedented step of "privatizing gain and socializing losses" of supposedly "private" companies.

The culprits in these businesses get off scot-free, of course; they''ve already secured their profits and cleared out of town, and the taxpayers are stuck buying all of their toxic "financial products".

The businesses being bailed out are among the same companies that the Republicans would have had us all place our Social Security, Medicare, Medicaid and retirement accounts into, as a part of the GOP government "Privatization" agenda.

The GOP preaches deregulation - but only government regulation can ever hope to restore these broken companies to trustworthy status again.

Big Business can''t be trusted to "police itself". A greedy few will always try to game the system for personal gain, regardless of the consequences to their company, its shareholders, the taxpayers or the country.

Nobody wants to see their benefits suddenly disappear overnight into a financial black-hole, or see them go into government receivership, to be chopped up and sold for ten-cents on the dollar. Yet the GOP''s agenda has been to "privatize" government, deregulate business and "just let the markets sort it all out".

But for that to work, everybody in the market has to be honest, and always have "the common good" in mind, but the true nature of all markets is to zero in on profits, not noble principles.

[lochlan-2009]

"Here it''s not as important to find out who was responsible for the fire, but maybe should have stopped there ever being a fire,"

You kidding? The republicons and corporate elite pulled out the marshmellows and a chair.

[egresor]

isn''t ross perot the same guy who preached about less government and all that outsider stuff? and wasn''t it ross who flew to washington to lobby and get something like 200 million in breaks for his airport in texas? you mean that ross perot?

yeah i remember him !
:(

[alphaa10-2009]

kennergirl said, "... Ross Perot was right in that America should be run like a business..."
---
Perilous times yearn for simplistic answers. Perot grew up in the wake of Calvin Coolidge, and his views are sometimes in quaint parallel.

However we might respect some ideas of the former president, American government is not a business, and is not "owned" by individuals or parties.

Unlike a business, governmental decisions incorporate many extraneous factors. Government is a not a simple organization but a complex, dynamic entity of competing interests.

Even if we regard American citizens as the "investors", they rarely agree. They call for a government with many goals, delivering many products and services, sometimes at a deficit.

Efficiency in govenment is admirable and a worthy goal, but efficiency is a different question and perspective, altogether, from the complex of goals government pursues.

[nearl4511]

"And likewise pass on my love to Phil Gramm, too!"

[nearl4511]

Perhaps it has lost sight of it''s mission. These positions of power are not for the skittish.

However, if I were Cox at this moment in trying to work to help solve the crisis, I would make a personal phone call to McCain and say: "John, I understand that you want me fired. Well Senator, you are not President quite yet and I have one thing to say to you and the rest of your de-regulation addicts who called for hands off approaches over the last 28 years - GO F*CK Yourselves. You can''t have it both ways. You wanted less regulation...well G*ddammit, you got it didn''t ya!"

[marcosis78]

Bush and bright spot just doesnt sound right.

[alphaa10-2009]

Bush appointee William Donaldson appears to be the single bright spot of competence at the SEC since Levitt resigned.

A Republican and professional committed to fair play in the American marketplace, Donaldson fought the good fight against Bush lessez faire elements who wanted an unregulated market.

Donaldson''s term not only championed the investor, but introduced major marketplace protections for investors. Donaldson encouraged truly bipartisan participation in commission decisions.

Despite his achievements, or perhaps because of them, certain Bush factions were determined to force Donaldson''s resignation, announced June 1, 2005.

Congressman and full-time GOP ideologue Chris Cox became Bush''s replacement for Donaldson. Donaldson''s GOP foes rejoiced that one of their one had replaced him, but Cox''s own views on regulation aggravated an already perilous situation.

Cox, who had made an early name for himself by lengthy orations on the wisdom of the market, etc. was forced on September 19, 2008, to reassure anxious investors, "%u201CThe commission is committed to using every weapon in its arsenal to combat market manipulation that threatens investors and capital markets.%u201D

Even former SEC chair Donaldson must have smiled at that one.

[summarex]

My dearest comrades
I''m just writing to reassure and ecourage all of you, and let you know that we are now halfway there.
Strength and hugs
Comrade Secretary Crapov

[wdh3007]

The first thing that needs to happen is cut off all aid to illegals in this country. Next deport all illegals sitting in a US prison on taxpayer money. Then fire the CEO''s and CFO''s of theses markets freeze their assests and indict them this includes Paulson, Bernanke and Chris Cox. Finally get the next President to rehire Elliot Spitzer back since he is out of a job and knows where all the bodies are.

[kennergirl]

If it has anything to do with the government it will be a slow slow sloooooow process. Ross Perot was right in that America should be run like a business. Looking at the way things are right now, if America was a business, it would be out of business.

[kcblogger]

cg.. you would give the SEC a pass huh?

The President nominates the SEC moron. The president (BUSH) selected him because of his ties to big business and the "leave alone" let market forces do whatever mentality. *** that.. this is Bush thing, this is a republican thing... this is a screw america thing... It''s take your money, invest it with little to no risk and leave it for the taxpayer to bail out... pure and simple.... GREED

[cg37102006]

I dont know that this was so much an SEC problem as it was just risky lending decisions by banks. Maybe some disclosures by these companies could have been scrutinized more, but that is asking a lot of a rather small agency. I would give the SEC a pass here.

[farmersright]

I just watched a segment on C.E.O.''s on 60 minutes, where the guy was pompus enough to say that the hardest thing he ever did was give up his corporate jet. So Sorry for ya. Its time these guys got a dose of real life on main street. I just had to explain to an 83 year old man, whos worked harder than most and never taken a dime from anyone, why he cant expect to get very much out of a Lehman Brothers Bond, which some unconcerned stockbroker never took the time to move or even look at. These highnosed aristocrats have to understand, its not their **** corporate jets they are playing with. It''s peoples lives. Their jobs. Their childrens futures. Maybe all the hard working backbone of America citizens should just pull all their money from these banks and 401k''s etc... and let them play with the money they get from the sell of their corporate jets.
Trust is worth more than they can conceive. Anyone trust Wall Street now?...How bout the Government?...Enough is Enough