When the Market was corrupt and needed reform during THE GREAT DEPRESSION, President Roosevelt hired the most corrupt insider (Joseph Kennedy) to clean it up. And He did!
Bush? Obama? nothing! Just more and more signs of corruption. These departments are ill-equipped and not inclined to reform or enforce any regulation since they were hired under the philosophy of Clinton/Bush to keep hands off.
Today, CNBC, had an interview with a trader, who volunteered to help and over months either received no answer or a put-down. “we have room for interns” this is how to apply.
Arrogance and Stupidity! When is Obama going to protect our money? our pensions?
None of this is new. Remember Madoff? Remember how Regulators ignored and condoned Madoff:
SEC investigation: We missed Madoff
Securities and Exchange Commission watchdog says regulators missed ‘numerous’ red flags that suggested a Ponzi scheme was underway.
WASHINGTON (CNNMoney.com) — The Securities and Exchange Commission overlooked “more than ample” evidence, including six complaints, that red-flagged the Bernard Madoff Ponzi scheme, an internal watchdog said Wednesday.
A broad review of the SEC and its efforts at tracking Madoff found a “thorough and competent investigation was never performed.”
“Despite numerous credible and detailed complaints, the SEC never properly examined or investigated Madoff’s trading and never took the necessary, but basic, steps to determine if Madoff was operating a Ponzi scheme,” according to a 22-page SEC inspector general report.