Rep. Gary Ackerman, D-N.Y., was the first to raise the issue of corporate jets at the earlier Big 3 Auto hearing. He is very boisterous and animated at the Madoff Fraud Allegations [Ponzi Scheme] and Financial Markets Regulation hearing, yet he nailed the SEC to the wall. Mr Ackerman didn’t do this by himself, in fact he was just echoing Harry Markopolos, an independent financial fraud investigator and analyst.
I give Harry Markopolos a gold ribbon for working so hard on the behalf of Americans and I give Rep. Gary Ackerman a blue ribbon for appearing to be on the side of good in a great show at the hearing and publicly pinning the tail on the donkey. Our congressmen and congresswomen should be working for and representing the public interest in congress, being the voice of the public, not echoing the hard work of others such as Harry Markopolos.
Background of the SEC (Securities & Exchange Commission):
The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
This is based on the Securities Act of 1933 often referred to as the “truth in securities” law, the Securities Act of 1933 has two basic objectives:
- require that investors receive financial and other significant information concerning securities being offered for public sale; and
- prohibit deceit, misrepresentations, and other fraud in the sale of securities.
In the economy of today, with billions of dollars being handed out to Wall Street companies, banking and investment firms, mortgage companies, and big industry, we can not afford or tolerate our one government agency (SEC) assigned to protect our economy from fraud, to be paid for nothing.
In the videos below you will hear Merrill Lynch named and you will hear specifically how the SEC has failed to do what the tax payers are paying them to do.
YouTube – Markopolos: I gift wrapped and delivered the largest Ponzi scheme in history to the SEC.