If you’re like most Americans, you probably think that organizations like the Securities and Exchange Commission (SEC) are there to protect the common man from white collar criminals on Wall Street.
Nothing could be further from the truth.
The reality is that the SEC is an agency dedicated to protecting the criminals from the gimpy arm of justice. The Madoff scandal is a perfect example. His Ponzi scheme was operating right out in the open and anybody with enough financial sophistication to work on Wall Street would’ve been able to figure out the fraud if they had bothered to add up the numbers.
“The SEC was never capable of catching Mr. Madoff. He could have gone to $100 billion” without being discovered, Markopolos testified. “It took me about five minutes to figure out he was a fraud.”
Markopolos had been warning about Madoff’s scam since 2000. Nobody listened. He sent his detailed warnings with his reasonings attached and written in such a way I, a financial neophyte, could understand the brazenness of the fraud. It should have been obvious to any SEC fraud investigator within a matter of minutes.
Here’s why they didn’t pursue the matter:
Madoff, who was at one point chairman of the Nasdaq Stock Market and sat on SEC advisory committees, was “one of the most powerful men on Wall Street and in a position to easily end our careers or worse,” Markopolos said.
The SEC would have been investigating one of their own, and that’s just not gonna happen; then or now. That would be like Cheney investigating Bush or vice versa. Ain’t gonna happen.
Washington D.C. is kind of like OppositeLand: Everything is the opposite of the way it should be. Our biggest criminals are not just coddled, they are given the keys to the kingdom. When our banks screw up they are given billions for free, but when you are deep in debt you can bet on the credit card industry bribing Congress into passing tougher bankruptcy laws.
If you’re able to wrap your head around the absurdity of the situation you might not be that surprised to find that the CIA is funding terrorism, the FBI is protecting criminals and the DEA is protecting drug smugglers. That’s the way things work in OppositeLand. Bill Clinton gets impeached for a blowjob and Bush didn’t even get censured for pissing all over the Constitution and starting two illegal wars in which over a million people died.
Welcome to OppositeLand, where if you fuck up, you move up. If you have ethics and morals, you can expect to be a social leper or maybe even have your ass killed for your troubles.