In recent years, the Securities and Exchange Commission has been known more for its fuck-ups than successes. The regulator took a pass on heeding the warning signals by Bernie Madoff himself that he was running a Ponzi scheme, it chose to go after David Einhorn rather than Allied Capital when the hedge fund manager suggested all was not right at the company and right now, as we type, the regulator is presumably fucking up in ways we cannot imagine but will hear about two years hence. Separately the Commission happens to employ a not insignificant number of people who like to look at porn all day, every day, in lieu of working, which perhaps could explain some of the slip-ups, though it’s a very chicken or egg situation.
In past times, none of this (the failures and the 24/7 surfing of www.ladyboyjuice.com, www.anal-sins.com, www.fuck-my-wife.com, among others) proposed a problem. Business as usual. Then Inspector General David Kotz had to come in and start asking people, “Why didn’t you think to follow up when Madoff said the whole thing was a scam?” and “Why, on Wednesday, August 20th did you make approximately 385 attempts to access a website called www.ladyboyx.com from your work computer?” And now, it’s war. Continue reading »
SEC official whose job entailed ignoring fraud and looking at tranny porn all day nods gravely. (What? A lot of those websites cost money if you want the extras and he can’t be expected to live off the free trial periods.)
Last February, an unnamed Securities and Exchange Commission worker got in a bit of trouble with his employer for checking out a little porn while on the job. The guy made at least 1,800 logged attempts to check out some sites that included www.ladyboyx.com, www.ladyboyjuice.com, www.trannytit.com, and www.anal-sins.com, which, he admitted, “were kind of distraction per se.” But he had a good reason which is that he had a lot of work to do, and it was stressing him out.
Now it seems that the tranny tits were in fact not just “kind of” a distraction, “per se,” but a “huge ass” distraction. In SEC Inspector General David Kotz’s latest semi-annual report, released Monday, it is disclosed that the watchdog is close to wrapping up an investigation into whether or not “a senior-level official” directed staff not to go after red flags in an investment adviser case in order to cover his own hide, which had previously investigated the firm and failed to uncover the fraud, possibly as a result of spending too much time surfing for lady boy juice at work. Continue reading »
Do you need that visual? Of this guy attempting to log onto www.ladyboyjuice.com 385 times in one day? Or of his colleague freaking out over his hard drive being full of all the porn he’d previously saved, and frantically rummaging through his desk to find some CDs on which to put his new stash? If you answered yes and hell yes, at least one law firm is fighting for your rights. Continue reading »
The SEC fucks up a lot. A whole lot. This is more or less a given. David Einhorn has been saying this for eons– from personal experience, having dealt with the brain trust in the case of Allied Capital–, as has Bernie Madoff who, from the jail cell in which he rots, made no bones about the fact that he was eternally grateful that the regulator operated at the intelligence level wherein it wouldn’t know not to stick its (collective) dick in a pencil sharpener. Still, for those of you who need just a little more proof, SEC inspector general David Kotz is happy to add some color.
About two miles separate the Securities and Exchange Commission’s headquarters in Washington from the offices of Allied Capital, a District-based private-equity company. But over the course of an 18-month government probe into whether Allied Capital overstated the value of its holdings, nobody from the regulator ever visited the firm to ask questions, according to a new, internal SEC review that raises questions about the agency’s oversight of the financial industry.
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