And the "No shit, Sherlock" award goes to........

[dixiegrrrrl]

Ta Daaaaaaaa...

envelope please.....


Linda Thomsen, the SEC's enforcement director.!!!!

for her response to the House Financial Services committee when asked why the SEC had not
done anything about Madoff after 10 years of whistleblower reports.

"If we knew that it was provable fraud, it (investigating) would be easy," she said.

As Marketwatch said, "If you want to commit a triple homicide in front of police headquarters and get away with it, you better hope detective Thomsen is assigned to the case."

Good story at the Market Warch link:

http://tinyurl.com/aljo37

[surrealAmerican]

1. That's just sick.

So, the SEC's enforcement director is basically saying the SEC is incapable of doing any investigating of its own.

[struggle4progress]

2. Agencies Await New Leaders And Direction (WaPo)

By Ed O'Keefe
Washington Post Staff Writer
Friday, February 6, 2009; Page A15


Since President Obama took office, the Food and Drug Administration has been criticized for lax food safety inspections, the Securities and Exchange Commission has been berated for missing Bernard L. Madoff's alleged $50 billion Ponzi scheme, and just this week the Drug Enforcement Administration raided Southern California medical marijuana facilities, despite Obama's stated opposition to such practices.

These problems are far from isolated: A major federal labor union is pushing to oust Social Security Commissioner Michael J. Astrue over budget cuts and personnel shortages; several Justice Department enforcement programs have been slashed in recent years; and the Environmental Protection Agency has struggled under a tight budget, just as the new administration has called for renewed focus on global warming.

Although much of Obama's time has been devoted to the financial crisis and efforts to pass a major stimulus package, experts point to a long list of festering concerns that they say demand immediate attention. Many of these problems -- including inadequate staffing, huge caseloads and a lack of clarity about the mission -- affect public safety and the efficiency of basic operations.

"While the economy and national security are obviously priority number one, the president is eager to take on the challenges we face across our government -- and his staff is coordinating with the federal agencies to do so," said Reid Cherlin, a White House spokesman ...

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/05/AR2009020503372.html?hpid=sec-politics

[struggle4progress]

3. SEC'S BLIND SPOT: PROSECUTOR PRO IS SOUGHT FOR AGENCY'S TOP COP (NY Post)

By KAJA WHITEHOUSE

Last updated: 11:31 am
February 6, 2009
Posted: 2:04 am
February 6, 2009

Newly installed SEC boss Mary Schapiro is quietly searching to replace Linda Thomsen, the agency's embattled enforcement chief, with a prosecutor's Street cred, according to people familiar with the situation.

Sources said Schapiro is scoping out the ranks of professionals in various offices of the US attorney, who litigate cases on behalf of the US government under the direction of the attorney general.

SEC spokesman Kevin Callahan declined to comment on behalf of either Schapiro or Thomsen ...

http://www.nypost.com/seven/02062009/business/secs_blind_spot_153828.htm

[MyOwnPeace]

5. Perhaps............

we could recommend a certain "former" New York governor who recently became unemployed, but has experience in this type of litigation (just keep him away from "dating services!").

[SergeyDovlatov]

4. awesome quote. I am going to frame it and hang on the wall n/t