SEC Officials Surfing Porn During Financial Crisis, Report Finds—From ABC NEWS

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The Securities and Exchange Commission is the sheriff of the financial industry, looking for crimes such as Bernard Madoff’s Ponzi scheme, but a new government report has concluded that some senior employees spent hours on the agency’s computers looking at sites such as naughty.com, skankwire and youporn as the financial crisis was unfolding.

A new government report reveals that some high-level regulators at the Securities and Exchange Commission have spent more time looking at porn than policing Wall Street.

(Getty Images)

"These guys in the middle of a financial crisis are spending their time looking at prurient material on the Internet," said Peter Morici, a professor at the University of Maryland and former director of the Office of Economics at the U.S. International Trade Commission.

"It’s reckless, and indicates a contempt for the taxpayer and the taxpayer’s interest in monitoring financial markets," Morici said.

The investigation, which was conducted by the SEC’s internal watchdog at the request of Sen. Chuck Grassley, R-Iowa, found 31 serious offenders during the past two and a half years. That’s less than 1 percent of the agency’s 3,500 employees but 17 of the alleged offenders were senior SEC officers whose salaries ranged from $100,000 to $222,000 per year.

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It really doesn’t surprise me knowing that the SEC executives are watching porn in the middle of the Financial  Crisis.  Why? They get bored…and because deals and outcomes are already decided in advance long before the meetings ever take place: it’s kind of like watching a movie you’ve seen a dozen times.  This relates directly back to the NCEMPA/Utility mess we’re strapped to in eastern North Carolina. (no-these folks are not looking at porn) But,  I’ve spent over 2 years looking at info, going to meeting and talking with officials. It’s funny that some people on the NCEMPA Board can give a play by play before the meeting ever takes place.  Not because they get a package in the mail a few weeks before events, but because they’ve already talked about how they will vote and what outcomes they expect.

There are some heated moments at these meeting (which makes it worth going) but for the most part that’s just posturing and for entertainment purposes sometimes out of frustration.  There never is any revelation or change of policy based on someone wanting to be a badass. 

I am calling for a call to action, however.  I’ll probably put this in another post, because most people aren’t going to read this far down.  I’d like to contact each and every municipality and find out why they have (who they have) on the board.  I’ve always said that listening to an NCEMPA meeting is great, but looking at the faces of some Commissioners is  reminiscent of “the deer in headlights look”. We as ratepayers need people that can rap their head around the issues.  Not just a yes man or a yes woman.  Now,, don’t get me wrong, there are quite a few very educated individuals that seem to be on top of their game. But, it’s not the majority.  And, finally I’ll state again (a statement most ratepayers don’t want to hear)—don’t blame Graham Edwards and the rest of ElectriCities for complacency of the NCEMPA board.  To this extent, ElectriCities is doing their job. NCEMA is not. And, if we don’t call attention to this as ratepayers…we’re not doing ours!

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About George Fisher

George is a freelance writer, an author and a former Democratic political consultant. He has worked as Deputy Communications Director for a Senatorial campaign and Campaign Manager for several NC House races and two congressional races. He previously worked as a news producer for a local television station.
This entry was posted in call to action, Connections on WNCR, DCN TV, ElectriCities, Graham Edwards, How to Lower Your Light Bill, Media, Meetings, Utilities and tagged , , . Bookmark the permalink.

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