What The Heck’s The SEC Doin’ Over There?
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That’s the question on the table in Washington today. Lawmakers are trying to figure out how the Securities and Exchange Commission, a vital part of making sure our economy doesn’t collapse, has allowed our economy to collapse.
Yahoo News reports many of the questions SEC officials will face from the House Financial Services Committee revolve around Bernard Madoff’s $50 billion Ponzi scheme. Regulators apparently received tips about Madoff but didn’t do anything about them, costing more investors billions of dollars.
It’s understandable how that little fiasco might have slipped through the cracks, though, as the SEC was busy doing things like preventing the collapse of investment bank Lehman Bros. Uh, wait, they didn’t do that either. Seriously, what are those regulators doin’ over there? Watching Lou Dobbs and Suze Orman reruns? If government officials catch stuff like this on the front end, there is a lot less need for them to offer bailouts on the back end.
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