Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Eight SEC employees disciplined over failures in Madoff fraud case

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » General Discussion Donate to DU
 
Yo_Mama_Been_Loggin Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Nov-11-11 09:16 PM
Original message
Eight SEC employees disciplined over failures in Madoff fraud case
The Securities and Exchange Commission, which failed to stop Bernard Madoffs long-running investment fraud despite repeated warnings, has disciplined eight agency employees over their handling of the matter but did not fire anyone.

The SECs head of human resources and a law firm hired to advise the agency had recommended that SEC Chairman Mary L. Schapiro fire one person, whom the SEC described as a manager in the office that inspects investment firms.

But the chairman decided not to fire the employee, because doing so would harm the agencys work, SEC spokesman John Nester said.

The disclosure that no one was terminated comes at a time when street protesters and other critics who blame Wall Street for the countrys economic plight are questioning whether the government is serious about holding powerful wrongdoers accountable. This week, a federal judge excoriated the SEC for letting firms such as Citigroup settle fraud charges without admitting or denying wrongdoing.

http://www.washingtonpost.com/business/economy/seven-sec-employees-disciplined-on-failure-to-stop-madoff-fraud/2011/11/10/gIQA3kYYCN_story.html?wpisrc=al_comboNE_b
Printer Friendly | Permalink |  | Top
Philosopher King Donating Member (269 posts) Send PM | Profile | Ignore Fri Nov-11-11 09:54 PM
Response to Original message
1. Business as usual... Government workers are rarely held accountable for their acts of malfeasance or
anything else for that matter. Only 1 out 5,000 federal workers is fired for poor performance each year. It's 3%, or 150 per 5,000 employees in the private sector.

Non-performing federal workers cost US taxpayers billions each year and they expose the public to dangers like the ones facilitated by the Securities and Exchange Commission/
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Thu May 23rd 2024, 01:24 PM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » General Discussion Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC