I Wonder…What Would It Take To Get Fired From the SEC?

Keep up the way you’re going, guys. You’ll drive me to “Occupy D.C.” yet.

Do you think The Donald would be willing to run the SEC? At least he knows how to fire someone.

Eight Security and Exchange Commission employees were demoted, docked pay, suspended or otherwise disciplined for their role in the agency’s rank incompetence that allowed Bernard Madoff to steal billions of dollars and destroy lives and charities despite the timely warning of a persistent whistleblower, and more red flags than a bullfight. Yet despite mismanagement of epic and disgraceful proportions, the SEC couldn’t bring itself to fire anyone.

This is the state of accountability in today’s America. Run a corporation into the ground, lose the jobs of thousands, and take a mega-million dollar parting gift. Accept a bribe while you are serving as a State Senator, and not only keep your job, but get acquitted by a jury on the theory that you are too stupid to understand that what you were doing was a crime. Now the SEC’s response to an almost unimaginable breach of diligence in investment oversight by its staff doesn’t involve getting rid of a single one of the individuals responsible—even the individual deemed the most culpable, whose termination was recommended by the agency’s lawyers.

Why, you ask?

SEC spokesman John Nester said that firing him—wait for it!—-“would harm the agency’s work.”

That’s right…it would harm the agency’s work to fire a crackerjack attorney whose ineptitude and failure allowed Madoff to continue a blatant Ponzi scheme even after the SEC had been alerted to the likelihood that he was running a scam. I guess he’s right; I mean, how easy can if be to replace someone responsible for destroying so many lives, estates, endowments and nest eggs? You don’t just find someone with credentials like that overnight.

Here’s what really harm’s the agency’s work: the public’s perception that its employees do nothing but watch porn all day while financial predators are lining the rest of us up for a blood bath; Wall Street’s confidence, created by such lazy and irresponsible SEC management, that financial wheeler-dealers and crooks can get away with murder, and even if they are caught, the fines aren’t tough enough to make their schemes unprofitable.

What harms the agency’s work is that it isn’t trusted by those who it is supposed to protect, or feared by those it is supposed to regulate.

The SEC says that allowing the worst investment debacle in U.S. history doesn’t warrant a single employee losing his job.

How can anyone trust or respect an organization like that?

3 thoughts on “I Wonder…What Would It Take To Get Fired From the SEC?

  1. Sorry, but the SEC comes under the Executive Branch. After the Madoff scandal (and porn, etc.) it was up to the Chief Executive to clean up this mess up. Eric Holder won’t be fired — clearly for cause — so why should we expect that any of the SEC creeps be let go?

    The joke for years was that ineffective Presidential appointees ended up at FEMA. I suppose, all things considered, that’s still true. Presidential appointees “serve at the pleasure of the President” — a real statement — and if the President isn’t gutsy or honest enough to start at the top of the SEC (the appointees) and let the Agency’s bureaucracy work its way down to dump people, it is only — only — Obama’s fault.

    Considering the average salary of both regular Federal employees and Presidential appointees, I think some oversight committee (is there one?) is in order. How many “czars” does Obama have now to circumvent the Congressional process? I know that it didn’t start with Obama, but he’s created an explosion of extremely powerful but basically unaccountable appointees. It’s been his response to anything he knows Americans don’t want but HE wants, anyway.

    The SEC is only one of these problems. A necessary agency, IF IT DOES ITS WORK, but multiple Executive Departments (and sub-departments under the czars) could be expunged completely and every state would benefit. The few thousand people who might lose their jobs is nothing compared to the millions who are jobless now… thanks in great part to the Obama administration.

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