Congressman goes NUTS on Security Exchange Commission

[Pharaoh]

Run time: 05:05 https://www.youtube.com/watch?v=Ys83oEAlvkM   Posted on YouTube: February 05, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: February 07, 2009 By DU Member: Pharaoh Views on DU: 7415

 
Congressman Gary Ackerman's anger erupts on Security Exchange Commission Members during hearings about the Bernie Madoff scandal. :popcorn:

[Bunkie0913]

1. HELL YEA

Way to go Gary! I could watch that 100 times and love it more and more!

[geckosfeet]

2. Wow. Thank god someone seems to be representing the American people.

He reminds me of Winston Churchill. A bit rough on the edges but willing to call it like it is without worrying about ruffling some tail feathers.

[lostnotforgotten]

3. Don't You Just Love Watching Shit Hit The Fan!

eom

[napi21]

4. I wish there were a lot more Reps like him! I'm sick of the

politically correct courtesy taht's displayed in Congress ALL THE TIME, and I'm proud of Rep. Ackerman for finally being honest & clear!

[stlsaxman]

9. you'll see a whole lot more now that investigative committees aren't shut out by the GOP.

No longer do they have to reserve rooms in the basement to hold what they by law could only call "forums".

As Dorothy Day one said: "No one has the right to sit down and feel hopeless- there's too much work to do."

Let us ROCK! :headbang:

[BanzaiBonnie]

5. Now that's what you call rippin' em a new one

And they deserve it.

[LiberalFighter]

6. Looks to me like they need to clean house in the SEC

[napi21]

12. I think EVERY agency needs to be gutted of all Shrub's lap-dogs!

EVERY department has a bunch of do-nothings in it from the last 8 years of hell!

[glitch]

20. Yes - there should be a task force whose job is just to do that.

Replacing the rotted bush in federal government could turn this economy around. Make it part of the Jobs Bill!
(yeah I am kidding but I wish I wasn't)

[LiberalFighter]

25. Absolutely, and they need to be identified as such by name in public.

Many of them will probably scurry under a rock to keep out of sight so they can come out when the next President is a Republican.

[Lorien]

31. Absolutely! Nothing but a boatful of corporate shills and whores for the

GOP elite anyway. They ALL need to join the rest of us who are unemployed!

[Frustratedlady]

7. I watched the entire session and Ackerman was livid. I thought he'd have a stroke.

If we had more Congresspersons attacking this way, maybe people would make sure they did their jobs so they didn't have to appear before them. This government has gotten out of control.

I doubt they sat down too quickly the rest of the day, as Ackerman tore them a new one.

Send this video to the other Congresscritters as their introduction to: Interrogation: 101

[Poll_Blind]

10. You know where I can watch that online? I'd really love to see...

...the whole thing. Over the last few days I've caught a little more of what was shown in this YouTube clip but I would really like to see the whole thing.

PB

[Frustratedlady]

11. They repeat a lot of the week's hearings on CSpan during Saturday, I think.

I'm hoping it will be on there, as I'd love to see it again, too...with popcorn, this time.

The first go-round, I was kind of nervous, as he was really letting them have it. But since I know how it turned out, I would really enjoy the repeat.

[Poll_Blind]

16. Heh heh, I know what you mean. Thank you!!!

PB

[sattahipdeep]

13. Investigations of Madoff Fraud Allegations, Part 2

http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=283836-4

Investigations of Madoff Fraud Allegations, Part 1

http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=283836-1

[Poll_Blind]

15. Thank you!!!

PB

[barbtries]

56. thankee thankee

i gotta see this

[jordi_fanclub]

47. FULL hearings are available online at the House Subcommittee webpage...

The direct link to the webcast is online here: http://financialserv.edgeboss.net/wmedia/financialserv/hearing020409.wvx
Or "Click Here To View Archived Webcast" here: http://www.house.gov/apps/list/hearing/financialsvcs_dem/hr020409.shtml

[Joe Bacon]

35. MEANWHILE, what was his Senate Counterpart, LIEberman, doing??????

zzzzzzzzzzzzzzzzzzzzzzzzzz

kiss Bush ass

zzzzzzzzzzzzzzzzzzzzzzzzzz

kiss Bush ass

zzzzzzzzzzzzzzzzzzzzzzzzzz

kiss Bush ass...

[Poll_Blind]

8. Really worth watching- K&R.

PB

[The Backlash Cometh]

14. If it were me, I would put them all in jail and consider them accomplices.

Twenty years ago we would have had people breaking down and crying. Those people are taking direction from some another book, because they have no respect for Congress.

[kath]

18. Yep, put the fuckers in jail. Pronto.

[Hippo_Tron]

46. The Justice Department should certainly be investigating them for conspiracy

[fascisthunter]

17. well that's more like it... Bush and the GOP Corrupted the Whole System

there's a lot of cleaning up to do. Sucks when a whole political party's agenda is tearing down the very government they were hired to work for.

[defendandprotect]

19. Beautifully "NUTS" . . . and we need to see more of that from Dems . . .

in response to this Republican BS.

[BanzaiBonnie]

22. This says the Congressman went NUTS, I don't think soooooo

There is nothing crazy about his reaction. It is real. This is devastating. And the whole lot of SEC needs to be fired.

Who put these people in their positions? Does anyone know? Who can fire them?

[defendandprotect]

24. It's the poster's opinion which I thought I contested . . . . ???

There is everything RIGHT about Ackerman and his response ---

the Hearing officials weren't exactly buying the fascade these criminals were putting forth --

but I think it took Ackerman's heated words to begin to shake the SEC personnel.

They continued the doubletalk but were getting nervous.

And Ackerman was very quick to react to any new notions that they could be exempt from

testifying. The Chairman had already indicated that he'd already reacted to a prior

witness suggesting that.

Meanwhile, I never did find out if they were under OATH. If not, that might have

been what kept them in a comfort zone. ?????

[sattahipdeep]

27. Who can fire them?

"If you look at "WHO" was holding the majority of "SHORT" derivative positions on the domestic and international stock index markets prior to 911, and then reaped over a trillion dollars in profits within weeks from the ensuing collapse of those physical markets, you will find in that group who was responsible for 911. There is one problem in finding this out. That being, government controls the release of that information by and through the Federal agencies of the SEC Securities Exchange Commission and CFTC Commodities Futures Trading Commission."


....
Who put these people in their positions?

[Politicalboi]

41. And the 2.3 Trillion dollars

That went missing on 09/10/01 at the Pentagon.

[Sam1]

21. Full of sound and fury and signifying very little.

It appears the the SEC left the hearing with the claim of privilege intact. Ackerman gets an at-a-boy for good performance and with in a week it is forgotten and back to business as usual. Sam Ervin did it right during the Watergate hearings. Hire a good prosecutor and let him cross examine the witness at length. Then some approaching a coherent story will emerge and maybe something real and different can get done.

As it is now each congressperson has his five minutes to grandstand and impress the people back home and nothing real gets accomplished. After all a rant looks good and the hard work of really getting something done is both unpopular and difficult.

I"ll sit-up and take notice when the contempt citations start going out.

[Joe Chi Minh]

30. You make it sound like rocket science! That was the whole point:

there was no need for a subtle, probing incisive cross-examination.

It was almost literally a "no-brainer".

a) It took the fraud expert a quarter of an hour to realise he was looking at an extraordinarily massive Ponzi scheme;

b) The regulators literally didn't want to know. (If they had wanted that information, all they had to do was accept it and study it. It must have been all plainly set forth, so that even a layman could understand it. We have our pyramid schemes).

End of story.

Most of us like hearing the simple, home-truths bellowed at the malefactors in a congressional hearing. Maybe it's a beginning. If so, we'll let you know, and you can get excited, too, then.

[burythehatchet]

52. Thank you. I am amazed at how the rabble needs so little to make it happy.

[iamthebandfanman]

23. make 'em squirm!

whats funny about it IS the fact they DO look like school children being scorned by a teacher...
which to me, is kinda admitting guilt.
they know damn well they didnt do their job

but they dont want any criminal charges for anything that went on
so they arent gonna talk

the body language of them speaks volumes imho

[Delphinus]

50. How come they can't be

prosecuted in a court of law? I think they were part and parcel of what happened with Bernie Madoff so they should get to see time in jail too.

[SemperEadem]

26. Carolyn Maloney's questioning was good, too.

[vaberella]

29. Get me a video and we're golden. ^_^ n/t

[vaberella]

28. Long live Congressman Ackerman!!! Woohoo!! n/t

[earcandle]

32. Go Akerman!

[wildbilln864]

33. That's what I'm talkin bout! Hell yeah! nt

[JimWis]

34. Way to go Congressman. I to think it's time for some house

cleaning. Need some heads to roll for a change. Thanks for the posting the video.

[UrbScotty]

36. More of this, please!

If everyone in Congress gave the rest of the government the earful they deserve, then perhaps there would be a greater sense of accountability!

[Not Sure]

37. Gary Ackerman is the fucking man!

By the way, what does it take to fire these fucking clowns in the SEC? Not only fire them, but blacklist them? Seriously. If anything is clear, it's that they must be removed.

[Suji to Seoul]

38. Nothing like a NY Jew to make this old NY Jew proud!

What district does he represent? I want to call him from Suji-Gu and thank him for his service and his chutzpah! What a treasure!!!

[Left Coast2020]

42. That is one pissed off Congressman.

And I second the motion to have criminal charges pursued for Negligence. They are indeed Bush croonies who don't know their ass from a hole in the ground.

Good on you Congressman Ackerman. Love to have ya as my congressman here in Kali-Fornia. :applause: :applause: :applause: :applause: :applause:

[DissedByBush]

39. I haven't smiled that big in a while! n/t

[ihavenobias]

40. K & R

[Seldona]

43. Nuts? Hardly. More like KICKASS!

Now go to work on their privilidge. I don't think one of these soft little shrews could handle a day in a county jail, let alone the average federal penititentry. One of them would talk before the cavity searches even began.

I hope this becomes viral. This is what we need. SPINE.

[Baby Snooks]

44. And who did Obama appoint to head the "new" SEC?

http://crooksandliars.com/tags/mary-shapiro

Sort of like appointing the fox to investigate who killed the chickens. She had oversight on Wall Street. And obviously used her oversight to look the other way with regard to Bernie Madoff and everyone else.

Change? Forget it.

[sattahipdeep]

58. She is not a novice, that's for sure

"Prior to assuming the CFTC chairmanship, Ms. Schapiro served for six years as a Commissioner of the Securities and Exchange Commission. She was appointed in 1988 by President Reagan, reappointed by President Bush in 1989 and named Acting Chairman by President Clinton in 1993.

In January 2008, Ms. Schapiro was appointed by President George W. Bush to the President's Advisory Council on Financial Literacy, a 19-member council formed to promote and enhance financial literacy among Americans. She is also an active member of the International Organization of Securities Commissions (IOSCO) and was Chairman of the IOSCO SRO Consultative Committee from 2002 until 2006.


How is it that Mary Shapiro gets rewarded?

The FINRA is, and was, responsible for monitoring Bear Stearns, Goldman Sachs, Lehman Brothers, et al.

[sattahipdeep]

59. Holdovers

Schapiro is currently the head of the Financial Industry Regulatory Authority, the largest non-governmental regulator for securities firms doing business with the public. Before that, she served as chairman of the Commodities Futures Trading Commission and six years as a member of the SEC.

....
01:02:11 MARKOPOLOS

01:02:39 REP.SHERMAN

....
01:05:01 REP.CASTLE

01:05:36 MARKOPOLOS

http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=283836-1

[RufusTFirefly]

45. The SEC's "incompetence" is like Alberto Gonzales' "forgetfulness"

Come on. When will we stop blaming the lavish enrichment of corporate cronies on incompetence?

It was a deliberate plan, and it worked very well. In fact, it's still working.

[zeos3]

48. Awesome!

[pam4water]

49. Early in the week CNN tried to make Harry Markopolos look like an crack pot. What are they doing?

CNN is all over the place on this. I surfed into Campbell Brown covering the Harry Markopolos (the whistle-blower) testimony to congress on Wednesday or Thursday this week. Campbell Brown keep playing the same heavily edited clip Harry's baseball analogy (not his strongest metaphor but anyways). The tape had been deliberate edited to make Harry Markopolos look like an idiot. I know there reporting has always been iffy but I was still shocked at the abuse. Do the the story is getting traction I guess they've changed there point of view.

[Turbineguy]

51. Maybe Ackerman has figured out

that the stockmarket crash and losses of so many people was in a large part due to Bush's SEC.

And Bernie Madoff was just the tip of the ice berg.

[burythehatchet]

53. WHAT WAS ACCOMPISHED?

besides a lot of high fives on DU.

[ekwhite]

54. That is not nuts

That is exactly what EVERY congressman should be doing. Gary Ackerman is calling them on the carpet and taking no excuses. Why isn't the Obama administration doing the same thing to these people?

[barbtries]

55. i want to watch this hearing

"i'm profoundly sorry you feel that way"
oh really? migawd.

think it's still on cspan?

[progressoid]

57. great, But I bet all of those SEC people are still employed and still doing a shitty job

Gut the dept and start over.

[sattahipdeep]

60. SEC top enforcer to leave agency....Linda Thomsen

WASHINGTON (Reuters) - The Securities and Exchange Commission will announce on Monday that its top enforcement official, Linda Thomsen, plans to leave the agency and return to the private sector, a source familiar with the matter said.

http://www.reuters.com/article/governmentFilingsNews/idUSN0748901320090209

[Best_man23]

61. She's leaving..gee, I wonder why

[sattahipdeep]

62. "pay-for-failure"

"Linda's achievements have been nothing short of extraordinary, even heroic, in an era of unprecedented challenges in our securities markets," said SEC Chairman Mary L. Schapiro. "Linda has distinguished herself in public service through her keen intellect, profound understanding of our securities laws, and relentless pursuit of wrongdoers. While Linda's wisdom, judgment, integrity and humor will be sorely missed by all of her colleagues, the agency and the investors we serve will always be grateful for Linda's service."

So Thomsen was clearly thrown to the dogs as the sacrificial lamb earlier this week but, come on, Schapiro's just as useless. And as Markopolos pointed out, corrupt.

01:02:11 MARKOPOLOS

01:02:39 REP.SHERMAN

....
01:05:01 REP.CASTLE

01:05:36 MARKOPOLOS

http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=283836-1

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=385&topic_id=269332&mesg_id=269442


....
"Mary L. Schapiro reported that she is getting a lump-sum payment of $5 million to $25 million from the Financial Industry Regulatory Authority, the brokerage industry's self-regulating body she headed before joining the SEC last month."

"Schapiro, who received $2.8 million in salary and incentive compensation last year from FINRA, will make $162,900 this year as SEC chairman."