Bush's SEC Let Madoff Run Free
by Deacon Blues
Yes, Bernard Madoff got away with massive fraud right under the SEC's nose this entire decade. Chris Cox as SEC chairman should have been dragged up under oath to a Capitol Hill hearing long ago to explain why he shouldn't be facing charges himself, for negligence and failure to carry out his sworn duties. Note from this AP story how many red flags have gone up this decade without any reaction from the Bush SEC, even after Senate GOP staff highlighted the SEC's problems back in 2007.
But it would be too easy to ascribe all of these problems to a Bush Administration that wanted no oversight of their campaign contributors. In truth, guys like Madoff have spread their money around and bought off the Democrats as well into doing as little as possible. If you want to gauge the intensity of Obama's change message, circle back to see how much he pours into the SEC during his first term. If the place isn't doubled in size and given state-of-the-art technology to track the financial world, and if the laws aren't significantly updated, then the change message is simply talk.