Thursday, February 5, 2009
Wish I'd Been There!
So ya think Congressional hearings are dignified, orderly and bordering on boring? Well, let me tell ya, it ain't necessarily so. Members of the House Financial Services subcommittee made clear their displeasure with the Securities and Exchange Commission's failure to catch Bernard Madoff in the act, much less before he did irreparable damage. Gary Ackerman, a Democrat from New York, was particularly annoyed at the less than succinct responses from SEC officials. Frankly, I think he spoke for many of us when he declared "Your value to us is useless. Your value to the American people is worthless, your contribution to this proceeding is zero." Then, referring to whistle-blower Harry Markopolos' revelations made during another, melodramatic hearing, he really lost it: "One guy with a few friends and helpers discovered this thing nearly a decade ago. He led you to this pile of dung that this Bernie Madoff was and stuck your nose in it and you couldn't figure it out. You couldn't find your backside with two hands with the lights on." Go get 'em, Gary!!