The SEC Hard at Work: It Wasn’t Greed That Did In Wall Street, It Was Porn!?!

Okay, if you live long enough, you get to see and experience almost everything that life can throw at you.  Or to take a line from the movie A League of Their Own; I’ve seen enough to know that I have seen too much!

In yesterday’s CNBC e-mail alert it was reported that “A former regional supervisor at the Securities and Exchange Commission missed an alleged $550 million Ponzi scheme that was unfolding at the same time he was caught accessing pornography on his office computer.”  Well there you have it . . . the linchpin of the Wall Street debacle.  How could Alan Greenspan have missed this one when he said that there was no such thing as fraud in the markets, and if there was it would correct itself.  I wonder what he was viewing on his computer at the time he reached this conclusion?

The fact is that Wall Street and the financial markets in general have become the punctuation point for capitalism gone awry.  A modern day Sodom and Gomorrah of disposable values that rival the disposable incomes such avarice inevitably produces.

Here we have the Securities and Exchange Commission whose mandate amongst others is to protect the interests of the investing public and, during a massive Ponzi scheme what are they doing . . . having a good time.

This is such a ludicrous revelation that it bypasses funny, zooms past bizarre and ends up somewhere in the realms of unbelievable.  It is in essence a National Enquirer headline for the legitimate media.

I have to admit that the very tabloid nature of the news gave me serious pause relative to even writing about this story given the backdrop of the real-world drama that is unfolding in places such as Egypt.

Yet here we are being subjected to another Gong Show character who appears to operate in an isolated oblivion of his own making.  This my friends goes beyond being an issue of Internet policy (or the lack thereof) within the SEC.  Like those cops who spend too much time undercover where the separation between their real and assimilated lives becomes so blurred as to be indistinguishable ( have you seen the movie Donnie Brasco), maybe those who serve and protect in the financial world have themselves lost their way.

I can see it now . . . sorry Grandma, you lost your life savings because someone at the SEC was getting their Jolly’s looking at naughty pictures online.

 

SEC Field Work

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