Bush holdovers in SEC viewing tons of porn instead of working.

[momonkey]

Here's the REAL reason we had the economic crash. Bush holdovers in the SEC are porn addicts.

SEC and Pornography: Employees Spent Hours Surfing Porn Sites - ABC News

But the new report, obtained by ABC News, says senior employees of the SEC spent hours on the commission's computers looking at sites like naughty.com, skankwire, youporn, and others. The investigation, which was conducted by the SEC's internal watchdog found 31 serious offenders over the past two and a half years. Seventeen of the offenders were senior SEC officers with salaries ranging from $100,000 to $222,000 per year

Doing everything EXCEPT working. We need to replace them all with laid off or fired ACORN people, or people from Van Jones' group. People who will REALLY be regulating instead of downloading porn.

Been living in a cave?



The Commission's current authority with respect to OTC CDSs, which are generally "security-based swap agreements" under the CFMA, is limited to enforcing antifraud prohibitions under the federal securities laws, including prohibitions against insider trading. The SEC, however, is statutorily prohibited under current law from promulgating any rules regarding CDS trading in the over-the-counter market. Thus, the tools necessary to oversee this market effectively and efficiently do not exist.

Testimony: Testimony Concerning Credit Default Swaps (Erik Sirri, October 15, 2008)


the CFMA turned out to be one of the most momentous pieces of legislation passed during the entire Clinton administration—and one of the darkest spots on the record of Treasury Secretary Lawrence Summers. It began with a simple question: who should regulate derivatives, the Commodity Futures Trading Commission or the Securities and Exchange Commission? By answering “none of the above,” the CFMA essentially deregulated the entire derivatives market, including energy derivatives, as abused by Enron, and credit-default swaps, which allowed AIG Financial Products to binge on unlimited amounts of risk.

Clinton Commodity Futures Modernization Act - Newsweek 2010


“On derivatives, yeah I think they were wrong and I think I was wrong to take [their advice] because the argument on derivatives was that these things are expensive and sophisticated and only a handful of investors will buy them and they don’t need any extra protection, and any extra transparency. The money they’re putting up guarantees them transparency,” Clinton told me.

Clinton: I Was Wrong to Listen to Wrong Advice Against Regulating Derivatives* - Political Punch