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Lawmaker To SEC Lawyer: "We Thought The Enemy Was Mr. Madoff. I Think It's You"
More great political theater from the Madoff hearings.
Rep. Gary Ackerman, a New York Democrat, just reamed out the SEC's top lawyer, Andy Vollmer, over Vollmer's decision to decline to answer lawmakers' questions about the SEC's failure to catch Madoff.
Some highlights from Ackerman:
"Most of us speak English, and we're having a hard time understanding you.""Your value to is useless. Your value to the American people is worthless. Your contribution to this proceeding is zero."
"Our economy is in crisis, Mr. Vollmer. We thought the enemy was Mr. Madoff. I think it's you."
Here's the video. This one's good.
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Josh
Zachary
I must be missing something. How can he claim Executive Privilege and whos Executive Privilege is he claiming? That of Bush or Obama or of the SEC?
February 4, 2009 3:46 PM | Reply | Permalink
Yeah, I was wondering about that as well.
February 4, 2009 4:48 PM | Reply | Permalink
Ackerman is an excellent role model for Sen. Harry Reid (D-Spineless).
February 4, 2009 3:47 PM | Reply | Permalink
Once again, Congress decides it is blameless and the fault is somewhere else....
Too bad, but "WE THE PEOPLE" deserve this fiasco, since, after knowing full well both parties in Washington are nothing more than mobs... we continue to put both of them back in power... IMHO
February 4, 2009 4:00 PM | Reply | Permalink
Ackerman may have been the least effective in advancing the committee's purpose today, but he provided the emotionally cathartic moment in his angry exchange with the SEC's legal counsel. But the entire hearing with the SEC officials was a train wreck, and should end the jobs of some who bothered to show up, esp. the head of enforcement division. Their inability to address legitimate policy questions except with long-winded hypotheticals, and the constant obfuscations may be the result of too much lawyering. Whatever the reason, this agency needs a top down overhaul.
February 4, 2009 4:07 PM | Reply | Permalink
In China the tainted milk scandal ended with capital punishment sentences. 300 babies were killed, one might consider that outcome ... just.
In the United States, just one institutional crook stole about .3% of a years US GDP alone. That would be Mr. Madoff. Others stole even more in aggregate. So far, we're looking at 30-40% GDP lost through fraud and negligence.
Not just 300 people will die as a result of their criminal conduct. People will lose health insurance and die from lack of health care. Some people will lose their homes, and freeze to death. Other people may go hungry and potentially starve to death.
And these wackos whine on and on about how tough it will be to survive on $500K/yr. Why, they might just go work somewhere else!
I have a better idea: the criminal justice system has a place for them. In fact, these guys have given this liberal a new perspective on the value of capital punishment. At this point, I'm all for trials that lead to public executions for what these "leaders" have done.
They are criminals. Treat them as such.
February 5, 2009 2:45 PM | Reply | Permalink
Get a rope! No wait, bring back the Guillotine!!!
February 6, 2009 12:02 AM | Reply | Permalink