Did Porn Cause the Financial Crisis?
The above headline might seem like a joke. It isn't. Senior staffers at the Securities and Exchange Commission were surfing Internet pornography when they should have been policing the financial system. A deeply disturbing SEC memo to Senator Chuck Grassley (R-IA) exposing this problem was reported Thursday night by ABC News.
Is this what they mean when they say the government is "hard at work"? The S.E.C. is "exposing" their newest problem? Did the S.E.C. work "hand in glove" with the businesses they were supposed to oversee? Is the S.E.C. going to wash their hands of this problem?
When they make a movie of this, the federal government and the S.E.C. may think of this as their finest hour, but the movie industry is more likely to think of this as "Romancing The Hand".
Congress is investigating Goldman Sachs to determine how the economic meltdown happened. Don't expect to see congress investigating the S.E.C. to find out why the S.E.C. who was overseeing Goldman Sachs for years let them get away with causing the economic meltdown.
It is too bad that federal government employees are not responsible for their actions. I would think that getting paid $200,000 or more per year should get at least a barely competent employee. But these are government employees, so barely competent is best we can ever expect. And of course, none of these people will ever be punished for gross negligence or held responsible for what they did.
But any regulator who can be bribed with a subscription to an Internet porn site should be willing to work for the federal government for a heck of a lot less money than they are currently being paid.
If this is how the federal government oversees the economy, I think we know what to expect when the federal government oversees the health care industry.
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