Congressman Ackerman Tells it like it is to SEC at Madoff Hearings

By: Jack Waymire | February 17, 2009 | Illegal Schemes & Scams, Investor Information, Wall Street Ethics

Video from CNN coverage: Finally, someone calls out the SEC on their unbelievable failure to catch Bernie Madoff’s Ponzi scheme despite several attempts over 10 years by Harry Markopolos to lead the SEC directly to Madoff Securities. As Ackerman states, ‘You couldn’t find your backside with two hands and the lights on.”

2 Responses to “Congressman Ackerman Tells it like it is to SEC at Madoff Hearings”

Lee

February 17th, 2009 at 6:37 pm

What kills me about this video is how the SEC just sits there and says nothing. I love the Senator…he’s giving it to them.

Jack Waymire

May 14th, 2009 at 11:32 am

The SEC’s role is to protect investors. Unfortunately, politicians control the SEC. Wall Street lobbyists funnel hundreds of millions of dollars to politicians every year to make sure the rules favor companies and not investors.

Of course, that’s not what they say in their advertisements. They sell trust then abuse it.

Wall Street is a major special interest group just like big tobacco and the pharmaceutical industries. Those industries lied to consumers for decades about the hazards of their products and the regulators let them get away with it for the same reason Wall Street gets away with it – money continues to flow into the coffers of politicians who sit on influential committees.

Everyone knows corruption is rampant on Wall Street and Washington. This reality shouldn’t be a big suprise if you just lost half your assets in the latest Wall Street engineered debacle.

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Investor Watch Dog is a weblog designed to inform investors about hidden risks when they invest assets based on the recommendations of financial planners, financial advisors, money managers, insurance agents, and investment sales representatives. Some of Wall Street's biggest investment risks result from Ponzi Schemes, investment bubbles, conflicts of interest, bad advice in bear markets, lobbyist activities that promote industry interests, bad investment products, and anti-investor business practices. While some of these risks are worthy of front page headlines, millions of investors assets are much more frequently exposed to less newsworthy but exponentially more harmful investment scams, financial fraud, illegal investment products, bad financial advice, bad investment recommendations, misrepresentation, omission, abuse of trust, deceptive sales practices, and breach of fiduciary duties. The role of Investor Watch Dog is to shine a spotlight on legal and illegal business practices that undermine the financial interests of investors, retirees, business owners, professionals, executives, and other types of consumers who rely on Wall Street and its financial professionals for the advice and services they need to achieve their financial goals.