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What the SEC watchdogs were watching

By Michelle Malkin  •  April 23, 2010 09:54 AM

While the market melted down, Securities and Exchange Commission watchdogs were watching…porn. Terrific:

On a day when President Obama argued for more government regulation over the financial industry, a new government report reveals that some high-level regulators have spent more time looking at porn than policing Wall Street.
Photo: SEC and Pornography: Workers Spent Hours on Porn Sites Instead of Stopping Fraud: Gov’t Report Finds SEC Employees Spent Hours Surfing Porn Websites at Work.

Instead of the policing the likes of Bernie Madoff, many high-level Securities and Exchange Commission officials have spent more time viewing pornography than investigating Ponzi schemes, according a government report.

The Securities and Exchange Commission is supposed to be the sheriff of the financial industry, looking for financial crimes like Bernard Madoff’s Ponzi scheme. But the new report, obtained by ABC News, says senior employees of the SEC spent hours on the commission’s computers looking at sites like naughty.com, skankwire, youporn, and others.

The investigation, which was conducted by the SEC’s internal watchdog at the request of Sen. Chuck Grassley, R-Iowa, found 31 serious offenders over the past two and a half years. Seventeen of the offenders were senior SEC officers with salaries ranging from $100,000 to $222,000 per year.

The feckless SEC regulators are now trying to distract from their own naked incompetence by abetting Obama’s financial “reform” charade.

If you really want to see this buffoons exposed, read “No One Would Listen to Me,” Harry Markopolos’s inside account of the SEC’s failures. Devastating.

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Categories: Politics