Professor Elam

Sat  April 24, 2010

While Wall Street melted in 2008 and President Obama announced more financial reform just yesterday, what were the Jack Bauer watchdogs up to at the SEC?  You will recall that the SEC sets the budget for the PCAOB, guardian of the accounting rules of the game these days. Well you might think what with Bernie Madoff, FNM, FRE, the housing bubble, Lehman, Bear Stearns, they would be rather busy, well maybe not. 

It seems the SEC Inspector General has found 33 SEC staffers in the $99-200K + salary range were, yes, looking for as Mark Steyn put it yesterday, looking for Debbie Does Wall Street. An investigation reveals the 33 were surfing XXX sites and downloading accordingly. Remarkably, several have resigned or have been asked to be re assigned, presumably they will join well, never mind, let's  just guess where those talents might best be used. 

AS I recall Barack was going to make government cool again, he can start with the SEC.  All of these individuals who would use a govt computer in this manner should be discharged for sheer stupidity, how could such a person ever be expected to find a determined financial fraudster if they themselves are this naive.