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Wall St regulators spent hours watching porn instead of monitoring crisis

porn_wall_streetNico Hines in Washington- Apr. 23, 2010
Times Online

Senior watchdog officials spent hours viewing pornographic material on government computers when they should have been regulating Wall Street during the worst fiscal crisis since the 1930s.

An internal report by the Securities and Exchange Commission concluded that more than 30 officials were investigated for accessing explicit images on work computers – 17 of those were senior staff earning between $100,000 and $222,000 per year.

The worst offenders were caught accessing thousands of images, spending up to eight hours a day looking at pornography and burning the inappropriate material on to scores of CDs and DVDs kept in boxes at the regulator’s offices.

Republicans today accused SEC officials of being “preoccupied with other distractions” when they should have been overseeing the growing problems in the financial system.

Darrell Issa, the senior Republican on the House Oversight and Government Reform Committee, said it was “disturbing that high-ranking officials within the SEC were spending more time looking at porn than taking action to help stave off the events that put our nation’s economy on the brink of collapse”.

The SEC’s internal watchdog conducted 33 probes of employees looking at explicit images in the past five years. A memo, which emerged last night, says 31 of those probes occurred in the two and a half years since the financial system was destabilised by the collapse of sub-prime mortgage investments.

The memo, written by David Kotz, the SEC Inspector General, summarises some of the most egregious offences. One senior attorney at the SEC’s Washington headquarters spent up to eight hours a day looking at and downloading pornography. When he ran out of hard drive space, he burned the files to CDs or DVDs, which he kept in boxes around his office. He agreed to resign after being investigated.

An accountant was blocked more than 16,000 times in a single month by an internet filter that prevented him from entering pornographic websites. Despite repeated automated refusals, he still amassed a collection of “very graphic” material on his hard drive.

Another accountant — a woman — attempted to explicit websites 1,800 times in a fortnight. She was found to have 600 pornographic images on her computer hard drive The number of cases at the SEC, which is responsible for maintaining stable and orderly financial markets, increased from two in 2007 to 16 in 2008.

John Nester, an SEC spokesman, said that each of the offending employees has been disciplined or is in the process of being disciplined, and some have already been suspended or dismissed.

“We will not tolerate the transgressions of the very few who bring discredit to their thousands of hardworking colleagues,” he said.

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China on the Defensive After Obama’s Climate Speech

Market Mix Up

Market Mix Up

by Kent Garber - Dec. 18, 2009
USNews.com

COPENHAGEN—As international climate talks drag into the night, the United States is publicly and privately pressuring China to share more information about its carbon emissions. And that is putting China on the defensive.

Both President Barack Obama and Chinese Premier Wen Jiabao addressed world leaders this morning, in what was supposed to be the final days of talks. But they struck sharply different tones in their speeches, and it now appears that Wen was offended by Obama’s words.

Obama met with Wen this afternoon and, according to reports, sought a second meeting this evening after the premier walked away from negotiations.

The immediate source of conflict appears to have been part of Obama’s speech. Speaking deliberately, with long pauses, Obama told leaders to stop squabbling over a deal or risk having “the same stale arguments, month after month, year after year, perhaps decade after decade.”

He seemed annoyed, even accusatory, at times, admonishing some leaders for naively insisting on getting a perfect treaty and refusing to compromise. “We know the fault lines because we’ve been imprisoned by them for years,” he said. “We have very little to show for it.”

And in what was probably the most inflammatory part, at least from China’s view, Obama said, “I don’t know how you have an international agreement where we are all not sharing information . . . . That doesn’t make sense. It would be a hollow victory.”

Even before Obama spoke, Wen appeared defensive, as if compelled to address the charge that China is impeding an agreement. For several minutes he ticked off China’s progress on green energy. From 2005 to 2008, he said, “China has enjoyed the fastest growth of renewable energy” in the world. China, he added, now ranks first in the world in terms of installed hydropower and nuclear plants under construction.

Wen reminded leaders there is general acceptance that China, as a developing country, should not be held to the same emissions standards as the developed world. “China has a 1.3 billion population,” he said. “According to U.N. standards, we still have 150 million people living below the poverty line. We therefore face the arduous task of developing the economy and improving people’s lives.”

In general, the United States agrees with that assessment. But Obama said China must beef up its emissions monitoring and reporting, calling it a necessary step for a credible accord on greenhouse gas emissions. (Obama’s call also has a political dimension, because Senate Democrats say they will struggle to pass a climate bill without verifiable assurances that China is serious about curbing emissions.)

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Sheriff Joe’s Tortured in Hades, and Will Arizona’s New U.S. Attorney Follow El Diablo’s Lead?

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by Stephen Lemons - Dec. 15, 2009 5:52pm
New Times - Phoenix

ARPAIO IN HELL

I’d perform mouth-to-mouth resuscitation on just about any man — if his life were at stake! But what about Sheriff Joe Arpaio, say, if he were suffering a heart attack?

No way! That was my initial response to this ethical hypothetical, because Maricopa County would definitely be better off without him. But then it occurred to me that Joe is a human being. Well, isn’t he? Hmmm?

Such were my thoughts on seeing myself depicted in the New Carpa Theater’s recent production of writer/director James Garcia’s American Pastorela: The Saga of Sheriff Joe. Yeah, that’s right, I was name-checked and given my own character in the play, which features Arpaio croaking in the first scene after getting grilled by yours truly during a press event.

James Rivas, who portrays a properly buffoonish Sheriff Joe, recognizes me by name in the handful of reporters clustered round him, and refers to me as an “all-around pain in my behind.” I — as played by Jerry Mendoza — press him on profiling brown folks during his infamous anti-immigrant sweeps, and Joe drops of a myocardial infarction right then and there.

Being the only Fourth Estater present who knows CPR, I’m cajoled into sitting on the supine sheriff’s lap and pumping his chest. As if that weren’t bad enough, the other reporters suggest that I really should perform mouth-to-mouth on the croaking leader of Maricopa County’s ruling junta (otherwise known as the MCSO).

Thankfully for my reputation, my character draws the line at going lips to lips with the septuagenarian, and Arpaio’s off to Hades to meet with El Diablo.

Just before being dragged off-stage by machine-gun toting MCSO thugs, I’m asked by another reporter for my reaction to Arpaio’s demise, to which I reply, “Well, he was an endless source of entertainment.”

In a subsequent scene, Arpaio awakes in Hell, dressed only in a wife-beater, a pair of autographed pink boxers, and characteristic black socks and dress shoes. When he wonders where he is, one of Lucifer’s servants, played by actress Michelle Burchfield, tells him he’s in Satan-country, informing him, “Stephen Lemons almost saved your life.”

“Lemons!?” barks Arpaio, comically. Arpaio then goes on to make a deal with the devil, who’ll allow him to return to the land of the living as long as he does his bidding, and prevents a shepherd family from Mexico from seeing the baby Jesus born in Phoenix.

See, a pastorela, as the name suggests, is essentially a retelling of the Nativity story, with herders of sheep trekking off to see the newborn son of God. Such pageants have a long tradition in Mexico, dating back to Spanish Colonial times, where they were used to convert indigenous peoples to Catholicism.

Humor is often an essential element to pastorelas, and playwright Garcia doesn’t fail us here. My favorite part is when Arpaio, who fails to prevent the shepherds from reaching their destination, must return to Hell and face trial before a tribunal made up of Adolf Hitler, Saddam Hussein, and a high-heel wearing J. Edgar Hoover. The charge: Arpaio ain’t evil enough.

Oh, the irony.

Arpaio’s defended — kinda sorta — by Phoenix attorney and activist Danny Ortega, also played by Mendoza. Here I have to point out that the thin, handsome Mendoza makes for a better Ortega than a version of me. Casting-wise. Should he want to play me in the film version, he should be prepared to pack on the poundage like Robert De Niro in Raging Bull.

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Sarah Palin’s Fake Bus Tour


I don’t think the media is going to leave Sarah Palin alone… but it’s great though. hahaha

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Blagojevich Evidence Stolen From Burglary At Lawyer’s Offices

blagojevich_stolen_evidence_burglaryBy Market Mix Up - Dec. 6, 2009
Political Mix

Imagine that… I wonder how the burglar knew to go in and steal Blagojevich’s evidence out of the rest. And how will he ever get a fair case? Just seems a little fishy is all I’m saying. Not to say he’s wasn’t already screwed…

Read the full story at The Huffington Post.

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Will The Unemployment Disaster Be Obama’s Katrina?

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Market Mix Up

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By Arianna Huffington - Nov. 23, 2009 06:14 PM
The Huffington Post

There’s a Category 5 storm about to make landfall, and the president and the officials in charge of preparing for the approaching disaster don’t seem to be particularly worried. Sound familiar?

Just as Katrina exposed critical weaknesses in the priorities and competence of the Bush administration, the unfolding unemployment disaster is threatening to do the same for the Obama White House.

The members of the Obama administration may not be attending a birthday party at John McCain’s ranch in Sedona or shopping for expensive Ferragamo shoes in New York as a great American city is destroyed, but their decidedly lackadaisical response to what job losses are doing to multiple great American cities raises the question: will unemployment be Barack Obama’s Katrina?

His economic team’s resistance to a second round of stimulus, “lukewarm” reaction to Congressional jobs legislation, and prioritization of deficit reduction over job creation certainly has the feel of a taking-in-the-damage-from-2,500-feet flyover moment.

“There is no discussion of a package like a second stimulus,” said deputy White House press secretary Jennifer Psaki. “But we are working closely with Congress and consulting with outside experts to determine the right policies and next steps.” No word on whether those outside experts include the 1 in 6 workers currently unemployed or underemployed.

Of course, the real problem isn’t the outside experts; the administration’s wrongheaded approach is a classic inside job. Sen. Sherrod Brown summed it up on CNN, telling John King that when it comes to putting the focus on Main Street, the president’s “advisors are mixed.”

Which makes one wonder: what level of unemployment would it take to unmix them? Even 10.2 percent, the highest level in 26 years, after 22 straight months of job losses, doesn’t seem to have quickened the pulse of Larry Summers and Tim Geithner.

And it’s not like the levees haven’t begun to crack, with the real unemployment rate — factoring in discouraged and partially employed workers — at 17.5 percent, the unemployment rate for workers aged 16 to 24 at 19 percent, and the unemployment rate for young African-Americans at 30 percent. What’s more, the average length of unemployment is at a record high, while the ratio of job seekers to open positions is now 6 to 1.

A new ABC/Washington Post poll reported that 30 percent of Americans say someone in their home has lost a job. I’m guessing that Summers and Geithner are comfortably in the other 70 percent. But even if it hasn’t hit home for them, it should be clear that unemployment is going to be the singular issue of 2010.

Congressional Democrats have certainly gotten the message — and have grown tired of waiting for the White House to take the lead. According to The Hill, House Democratic leaders, including Speaker Pelosi, are “worried they’ve appeared unresponsive to rising unemployment because they were absorbed by health care.” The article also says that Harry Reid has told colleagues he wants a jobs bill soon.

As John Larson, the fourth-ranking House Democrat puts it: “It’s jobs, jobs, jobs, jobs. Members of this caucus feel… that a jobless recovery is just simply unacceptable to us.”

The problem for the White House and for the Democratic Party — and, most importantly, for the country — is that the administration’s response on jobs is being led by Summers, who actually opposed the extension of unemployment benefits Obama just signed. At this point you have to wonder what Obama’s attachment to Summers and Geithner is. We know if you become a target of Glenn Beck and cause five seconds of embarrassment to the administration you need to start updating your resume (ask Van Jones), but if you slowly bring down the administration, and the party, and the country, that’s apparently fine.

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