Republicans are stepping up their criticism of the Securities and Exchange Commission following reports that senior agency staffers spent hours surfing pornographic websites on government-issued computers while they were supposed to be policing the nation's financial system. California Rep.
Darrell Issa, the top Republican on the House Oversight and Government Reform Committee, said it was "disturbing that high-ranking officials within the SEC were spending more time looking at porn than taking action to help stave off the events that put our nation's economy on the brink of collapse." He said in a statement Thursday that SEC officials "were preoccupied with other distractions" when they should have been overseeing the growing problems in the financial system.
The SEC's inspector general conducted 33 probes of employees looking at explicit images in the past five years, according to a memo obtained by The Associated Press. The memo says 31 of those probes occurred in the 2 1/2 years since the financial system teetered and nearly crashed.
The staffers' behavior violated government-wide ethics rules, it says. The memo provides fresh ammunition for Republicans who suspect the timing of the SEC's lawsuit last week against Wall Street powerhouse Goldman Sachs Group Inc. News of the suit came as the Senate prepared to take up a sweeping overhaul of the rules governing banks and other financial companies.
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1 comment:
Old news: http://crooksandliars.com/karoli/barney-frank-sec-officials-misconduct-prove
Everything old is new again
The only problem with all this fuss? This story is all about a story already reported in November, 2008. ProPublica gave us the full scoop on it in November, 2008. November, 2008. That would be when the SEC was run by a Republican administration with George Dubya Bush as its leader, wouldn't it?
You can read the entire Inspector General's 94-page report for yourself, right here. The pornography allegations are only a very small part of a much more disturbing picture, actually. It's interesting to me to see the fuss around pornography when other, more serious and chilling allegations are contained within it. Here are a few of the interesting ones:
* Investigation of Conflict of Interest, Improper Solicitation and
Receipt of Gifts from a Prohibited Source, and Misuse of Official Position
* Follow-up Investigation of Disruptive and Intimidating Behavior by a Senior Manager
* Investigation of Failure to Maintain Active Bar Status
The report also has details about the investigation into reasons for Bear Stearns' collapse. The conclusions there are far more interesting than anything to do with SEC employees accessing pornography.
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