Rep. Gary Ackerman D-NY Blasts the SEC into speechlessness (mostly by interupting answers)

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.

Next is Rep. Gary Ackerman at the helm:

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Big 3 Auto Makers Charged With Extortion

del.icio.us Tags: Big 3,GM,Ford,Daimler,Bailout,Extortion,Economy,Bank,Mortgage,Fanny Mae,Freddie Mac,AIG

If anyone else had gone to Washington and gave Congress an ultimatum that if they didn’t give $25 billion to bail their company out of hot water or one to three million people would lose their jobs and throw America into economic ruin, they would be going to prison on charges or extortion. But this is the Big 3, so people will be looking the other way.

You wont be seeing those headlines because General Motors (GM), Ford, and Daimler feel they are above the law and the main stream media doesn’t recognize extortion since they don’t even recognize that they committed treason many times over while reporting on military matters based on the fact that it was news and it’s freedom of the press (which is a different story for another time).

President Bush felt it was necessary to “help out” the economy even though it isn’t his responsibility to bail out businesses who fail at being a profitable business, by offering a $700 billion safety net. The House of Representatives were smart enough to vote it down. However, the Senate wasn’t so bright, and they passed the measure.

At that time, I stated it was a huge mistake and it would set a trend that this country doesn’t need to start. Company after company have gotten in line for tax payers money to save their failed mortgage companies, banks, and so on. Remember Bear and Stearns, one of the largest global investment banks and securities trading and brokerage firms, got a huge handout of tax payers dollars. Blew that wad, and then sold out to JPMorgan Chase.

Having contributed a combined $1,842,297 to federal candidates, according to data gathered by the Center for Responsive Politics, Fannie Mae and Freddie Mac stepped up to the line asking for handouts. AIG is on the rescue list. This trend should never have started but at least these failing companies only “asked” for help. The big 3 went over the line and is attempting to extort the government and the American citizens.

I’m afraid I have to say two things, let them fail and arrest the big 3. But wont that kill the economy? Michigan Gov. Jennifer Granholm answers questions during a news conference in Troy, Mich., Wednesday, Nov. 12, 2008. Granholm said that “the crisis in the auto industry is urgent”, arguing that “the national economy rests on this”. However this can not be farther from the truth. The Japanese’s own Big 3- Toyota, Nissan, Honda, and other prominent foreign car manufacturers are ready and waiting to fill the production capacity and demand vacuum left by the Big 3’s failure to continue dominating the North American market.

Another cause for this failing business, unions. Union workers get on average double to triple the wages of a non-union worker. If union workers are laid off, the big 3 are required by contract to pay 95% of their base pay during the time they are laid off. These among other costs not mentioned have to be absorbed by the companies which ultimately go into the sale of the vehicle.

So what do we have here: Car companies who charge us 3 times what they should be for the sale of a vehicle, Car companies who would rather (according to their bean counters) pay out on lawsuits for wrongful death caused by their malfunctioning vehicles rather than fix the defects because its “more cost effective” to pay the lawsuits than recall vehicles, Car companies who have fought for years not to produce more and more fuel efficient vehicles because there isn’t a big enough profit in the effort, (and the list goes on) and now they want our tax dollars to bail them out of their failing business?!?!

LET THEM FAIL! The answer here is simply that they need to file bankruptcy like every other failing business which isn’t an honorable thing to do when you fail, but it is the right thing to do in this situation. Suck it up and file.

My Fellow Americans, Call your Senators and tell them to STOP the trend. Its going to have a lasting ill-effect for the next 30+ years and our children will be paying the price.