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Markopolos: SEC Couldn't Find First Base In Fenway Park
Throughout his testimony, Harry Markopolos seemed to be refining his effort to express, in one crisp sound byte, his low opinion of the SEC's investigative powers.
And right at the end, he seemed to hit on it. He told the committee (the exact wording may be a little off here, we're going from memory):
If you flew the entire SEC staff to Boston, and sat them in Fenway Park, they wouldn't be able to find first base.
Might be hard to top that.
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Josh
Zachary
Zachary, I have to say, if that quotation is mostly right, it sounds like a personal insult of SEC employees, not a criticism that the SEC's legal powers are insufficient. Is that how it came off hearing it?
February 4, 2009 1:48 PM | Reply | Permalink
As I watched both Markopolos and the SEC panel, it became apparent that collectively, the SEC constitute an inept bunch. None admitted their collective and individual failures and incompetence. The SEC's role is to investigate allegations of Securities Fraud. All I heard from the SEC panel, especially Vollmer, their deputy general counsel and, was evasion and buck-passing. Markopolos is right. The SEC is incompetent, misguided and has lost sight of its mandate. FINRA is in bed with the securities industry.
February 5, 2009 9:57 AM | Reply | Permalink