File this under "Here he goes again."
With Congress barely able to pass the most embarrassingly lightweight corporate anti-fraud legislation in years and who's only real claim to fame was the 77% increase in funds the legislation ordered and the new federal agency that was meant to enforce the new law, the little moron and his whore at the SEC, Harvey Pitt, have gutted even those modest gains.
The new agency, basically a five member board created to oversee the accounting industry and to design new regulations meant to bar any repeats of the last two year's worth of corporate thievery and employee screwing, has been lobotomized beyond recognition.
First, the man chosen to chair the new agency, John H. Biggs, the head of the huge pension investment plan TIAA-CREF, was dropped because, according to the Congressional whores as well as the Congressional owners in the accounting industry because he was "too tough on the [accounting] industry." What were the egregious policies this horrible man considering for the accounting industry? Why, he was offering such evil policies as making companies more accountable for stock options, making companies rotate auditors every few years, and separating the auditing and consulting functions of accounting firms. In as much as these three problems were exactly the problems that caused the failures of nearly every corporation that has sunk under the weight of its own greed and incompetence these last two years, one would think these the minimum regulations necessary. Nope! Way too harsh, cried the accountants. Anyway, we don't need to be regulated, let the market control the industry.
Instead, the SEC and Congress will basically seat members hand picked by the very industry that the agency was meant to regulate.
Not to be outdone in the "Cheapest Little Whore in Washington" category, the moron has sent Congress a budget for the SEC that increases its budget only 27% instead of the mandated 77%, a truly modest increase since the SEC hasn't come anywhere near to keeping up with inflation since our government was stolen in 2000. With Harvey Pitt as the SEC Chairman, of course, there hasn't been much need for funds since, as the industry's lapdog, he hasn't allowed much in the way of the enforcement of the original lax and useless regulations he found when he arrived. How meager have his efforts been to protect the American people from the greed of the accounting industry? When he arrived two years ago, he promised to make the SEC, "a kinder, gentler place for accountants." In other words, instead of having to send out for someone to kiss the industry's ass, he volunteered to be there whenever they needed a good smooch on the butt.
So, for those of you screwed by the greedy little creatures in the suites of Enron and WorldCom and Global Crossing and who find themselves completely without any way to survive after retirement, bend over because this regime isn't quite finished with you or your family or your kids or your neighbors. The current regime believes, and rightly so, that the publics attention span has been exceeded regarding the theft of employee funds by the bungholes in the suites and so they're just going to let things go back to the way they were. Your retirement belongs to whoever can steal it from you and there isn't anything whatsoever that you can ever do anything about it. ( 1, 2, 3 )
For those of you who voted for this little moron, it serves you right. For those who didn't, welcome to this regime's version of the American Economic Golden rule - them with the gold makes the rules. If you aren't seething with rage at this point, then it's only because you ain't smart enough to see the reality around you. If you allow this band of thugs to leave this level of disgrace to the next generation to try to clean up, then you also deserve whatever happens to you. Sadly, though, just like the ignorant people who are dumb enough to drink and drive, you'll probably take loads of innocent people down with you. You should be deeply and eternally ashamed of your ignorance.
Harvey Pitt, it was reported today Wednesday Nov. 6, resigned from his post at the SEC. No replacement has been named but, with the complete control of Congress that the Republican Party now "enjoys", you can rest assured that the next in line won't be any less corporate and accountant friendly than Pitt. Kiss any hopes of retiring with any comfort goodbye.
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