Judah Freed of examiner.com writes~
“Obama last week tapped Mary Schapiro to lead the U.S. Securities and Exchange Commission. A former SEC commissioner, she now heads the Financial Industry Regulatory Authority, which oversees all U.S. brokerages selling securities. Because her agency should have caught Madoff, charges that she was asleep at the wheel raises doubts about her suitability to run the whole SEC.
Similar questions have been raised about Obama’s pick last week of former U.S. Treasury undersecretary Gary Gensler to lead the Commodity Futures Trading Commission. Instability in the commodities markets now cause observers to wonder if agriculture or mining will be the next major business sectors seeking a bailout at the public trough.
An ex-partner at the failed Goldman Sachs Group and a leading financial advisor to Hillary Clinton’s presidential campaign, Gensler has not yet shown to critics that he has the cajones to aggressively curb the wild commodities speculation that further threatens to undermine the U.S. economy.
As other examples, Obama named New York Federal Reserve chief Timothy Geithner as his Treasury Secretary along with naming former Treasury Secretary Lawrence Summers as his chief economic advisor. Neither of these Washington insiders has ever strayed far from the deregulation mantra.” (more…)
On a related note, Hillary Clinton has tapped Jacob J. Lew as one of two deputies. Lew has been the COO for Citigroup since 2006. The same Citigroup that managed to get a $300 billion handout from “we the people”.
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Re Mary Schapiro (who I don’t follow and therefore have no opinion about), before they collapse Ponzi schemes are very hard to detect, unlike insider trading, which can be electronically flagged.
Did any Madoff investor ever complain to the SEC (I’m not aware any did, but I could be wrong, correct me if I am)? I know non-investors complained, but the man-hours required to fully investigate wasn’t worth it to the SEC, since investors with skin-in-the-game were happy.