Investigators wondered why the agency had let Madoff run billions in suspicious trades without ever checking them out. The SEC responded by saying it lacked sufficient resources. Then, New York Senator Schumer said he would propose a measure to increase the agency’s spending power by 75%…
September 8th, 2009 | Bill Bonner | 2 comments | ContinuedAll Posts Tagged With: "SEC"
Madoff Astonished SEC Didn’t Verify His Claims
In response, the SEC says it “doesn’t have the resources” necessary to keep an eye on “the exploding number of financial firms.”
September 7th, 2009 | Bill Bonner | 0 comments | Continued
Should You Buy Gold Now?
The Trade of the Decade is still buy gold/sell stocks. And the decade isn’t over. If you have US stocks, this is a good time to sell. The Dow went up 63 points yesterday – a weak bounce after several days of losses.
September 7th, 2009 | Bill Bonner | 0 comments | Continued
Never-Ending Government Lies About Markets
The purpose of government is for those who run it to plunder those who do not. Throughout history, governments have used violence, intimidation, coercion, and mass murder to enforce this system. But governments’ first line of “defense” is always a blizzard of lies…
July 2nd, 2009 | Thomas DiLorenzo | 6 comments | Continued
Bernie Madoff and the SEC
But all the papers seem delighted. “Locked up for Life!” says one of today’s headlines. The judge “threw the book at him,” says another. His victims wanted him to get no mercy. The judge gave him none, imposing the maximum sentence.
July 1st, 2009 | Bill Bonner | 2 comments | Continued
SEC Watchdogs Slept Through the Biggest Heist in History
The blogs are chattering about poor Lee Mozilo. He’s no Angelo, they say. The SEC claims he told investors that all was well in his company, Countrywide, while he was dumping shares.
We don’t know the details, so we wouldn’t rush to judgment. But our guess is that the SEC is trying to recover its reputation by putting on a few show trials.
Dumb Money Eyes Stock Market While Smart Money Watches Economy
The dumb money is fairly easy to spot. It’s the money that always shows up late to the party, wearing yesterday’s fashions. It watches TV and thinks the reality shows show reality…it thinks Ben Bernanke is a great economist…that the SEC protects investors from fraud and misrepresentation…
June 10th, 2009 | Bill Bonner | 0 comments | Continued
Country Has Moved Towards More Government Intervention in Economy
In 1986, 40% of Americans thought government regulated the economy too much. Now, 40% think it doesn’t regulate enough.
June 4th, 2009 | Bill Bonner | 1 comment | Continued
A Country of Madoffs
This week began with a squabble. John Thain was sacked as head of Merrill Lynch after giving out $4 billion in bonuses – just before announcing $15 billion in losses for the 4th quarter of ‘08. (…)Then Citigroup announced that it had bought a new corporate jet for $50 million. Seemed a bit rich for a company that had just lost $8.3 billion. What sort of devilry is this? Where can you can lose billions…take billions in handouts from taxpayers… and still coddle executives with new planes and million-dollar ‘bonuses?’ Penalties would seem to be more appropriate…
January 30th, 2009 | Bill Bonner | 0 comments | Continued