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Another example of the cost the taxpayers pay for the Bush SEC headed up by the all-time-complicit, Christopher Cox. Not only were SEC enforcement lawyers cashing paychecks from the taxpayers in return for NOT "enforcing," existing laws and regulations, it appears they were trading on insider information. Gee, I wonder who bribed gave it to them?
"FBI Probing SEC Attorneys for Insider Trading"
Two enforcement lawyers at the Securities and Exchange Commission are being investigated by federal prosecutors and the FBI for possible insider-trading violations, according to a report from the SEC’s inspector general.
The criminal investigation, which was disclosed to SEC Chairman Mary Schapiro in a March 3 memo, came about after SEC Inspector General H. David Kotz conducted his own investigation into the matter and referred it to criminal authorities after discovering suspicious trading activity.[...]
SEC’s 51-page report and a cover letter to Sen. Grassly (R-IA)
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Back in the early 1990’s I was a commodity broker/trader. At that time Chris Cox was a Repug Rep from CA and spoke on occassion about the markets. It was obvious to anyone with any knowledge that he didn’t know WTF he was talking about. And when he was appointed to head the SEC, I KNEW that things were going to be effed up.
Can you say oligarchy?