SEC in the wonderland
Posted by: r1b2 on: December 24, 2008
No wonder SEC could not find $50B fraud of Madoff. In the internal investigation report released to public in December found following things.
- Personal trading while working at the SEC or surfing for porn. This was a calculated effort to bypass the filters on blocked Web sites after getting numerous denials, according to the April-through-September report.
- Some staff members violated commission rules governing employee securities transactions.
- One of the staff member ran the photography business with the use of government resources
- Some SEC employees used their positions to bully people, like the time a worker called a family member’s broker to make sure the broker was aware he worked for the SEC
Several of the employees, according to the report, hadn’t been punished even after the Inspector General recommended doing so. You can find the Inspector General’s report right here.
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Gita verses
- Chapter 3 Verses 3535. Better is one’s own duty, though devoid of merit, than the duty of another well discharged. Better is death in one’s own duty; the duty of another is fraught with fear
- Chapter 3 Verses 3434. Attachment and aversion for the objects of the senses abide in the senses; let none come under their sway, for they are his foes.
- Chapter 3 Verses 3333. Even a wise man acts in accordance with his own nature; beings will follow nature; what can restraint do?
- Chapter 3 Verses 3232. But those who carp at My teaching and do not practise it, deluded in all knowledge and devoid of discrimination, know them to be doomed to destruction.
