You know the SEC is still a joke when you see shit like this:
1 Day GLD chart from Quote.com.
If I were the SEC Chair, I’d already have the licenses and scrotums of the dirtbag’s responsible thumbtacked to my wall (by the way, if you don’t know what I’m talking about, maybe you too should become a government watchdog). Unfortunately citizens, I’m just some blogger whose wife decides what gets hung up on the walls. The SEC chair is named Mary L. Schapiro, who rose to the top post by virtue of over two decades “service” without achievement (unless you count sitting on your hands and hiring Bernie Madoff’s son as achievements). Remeber how she got grilled about how well she knew the Madoff family? Me niether.
I thought it was impossible to find a bigger bumblefuck than Christopher Cox, but our government has surprised me once again. We found somebody who was literally surrounded by the biggest fraud in history, and never made a peep. I love this graphic from muckety.com
Fun facts about Mary Schapiro: Got paid by the SEC from 1988 to 1994. Chair of the CFTC from 1994 to 1996. 1996, magically became president of regulation at the NASD (now FINRA), 2002 vice-chair, 2006 chairwoman. Notable achievments – ?????????????? Oh, she was also on the board of Kraft and Duke Energy. Didn’t say boo-shit when the uptick rule was repealed.
Fun facts about Bernie Madoff: Madoff’s firm was the sixth largest market making firm in 2008 (market makers are regulated by……FINRA); Nasdaq Chairman of the board from 1990 to 1993. Member of numerous NASD comitees.
Fun facts about Peter Madoff: Peter Madoff was elected vice chairman of the NASD in November 1992 (can’t find data when he left…maybe he’s still on the payroll).
Here’s the deal, not only did Mary Schapiro know the entire Madoff family, she probably blew Bernie to get her job.
Mary describes Madoff’s “assests” (I think) (from latimes.com)
Sorry about my unusually salty tone today, but I wanted to read this article, not write it. I thought maybe one of those “professional journalists” would write it. You know, those cry-baby pussies who can’t make any money writing, because they can’t think of anything to write about. To you I say, the internet didn’t kill your craft, you did. Here you have a juicy scandal staring you right in the face and you’re too fucking lazy to connect the dots, do some research and write an article. If you searched around as hard as I have, you’d know that the internet has been “scrubbed” of Madoff-Shapiro connections (and that alone is a great story). But hey, you’d probably too afraid to bite the hand that might bail you out.
So what do you think Mary’s going to do about those crooked GLD trades? The same thing she’s always done…….not a fucking thing.
Author’s notes: I apologize that I do not have more time to devote to the subject, right now.
UPDATE: Stealing a page from O. J.’s book, Mary Schapiro said this in a statement, “As the new Chairman, I will ensure that we continue this investigation and hold accountable all those who helped to facilitate this massive fraud.” Maybe I’ve misjudged Mary. Apparently she’s got one hell of a sense of humor.