"The SEC is understaffed, undereducated and overly confident...which is a pretty frightening concept."
I'd say a more accurate description would be that the "SEC is underfunded, understaffed, with extremely high turnover, and very low morale, and a substantial number of employees who no longer give a damn." That too, is a very bad situation.
The SEC budget slashing began under Bill Clinton and has continued well into the unmitigated disaster that has been the George W Bush circle jerk administration.
Through it all we had the development of huge hedge funds, the Enron mess, Bernie Ebbers, the packaging and reselling of rotten and toxic mortgages, the launch of stock futures and a ton of other ways to relieve U.S. citizens of their wallets. Fortunately one of the biggest ones,the shoveling of Social Security dollars into the big Wall Street banks, did not work out. But then again, we now have the TARP. Hmmmmmmm... was the TARP the Bushista workaround for the big banks?
Something to think about. |
