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Sex makes the financial meltdown more understandable

SEC - ap file photo Amid the rubble of credit default swaps, AAA-rated mortgage-backed securities and other such not-so-easily-understood financial miscreants, we finally have a villain in this mess most of us can appreciate, and perhaps even an explanation for how Bernie Madoff built a $60-billion Ponzi scheme uninhibited by federal regulators: Porn.

The Associated Press reports:

Republicans are stepping up their criticism of the Securities and Exchange Commission following reports that senior agency staffers spent hours surfing pornographic websites on government-issued computers while they were supposed to be policing the nation's financial system. ...

The SEC's inspector general conducted 33 probes of employees looking at explicit images in the past five years, according to a memo obtained by The Associated Press.

The memo says 31 of those probes occurred in the 2 1/2 years since the financial system teetered and nearly crashed. ...

The memo was written by SEC Inspector General David Kotz in response to a request from Sen. Charles Grassley (R-Iowa). It summarizes past inspector general probes and reports some shocking findings:

• A 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, an earlier watchdog report said.

Eight hours a day? Let's hope the commission's senior attorneys aren't paid by the hour.

But really, before the next bubble and financial meltdown, perhaps the SEC should hire more women.

-- Paul Thornton

Photo credit: Associated Press

 

Comments () | Archives (9)

The comments to this entry are closed.

Candide

One really has to hand it to the financial industry - they KNOW how to play the game. Years of de-regulation, risky investments, lower capitalization and a bubble as causes? No.

Porn by a few individuals, in the agency that finance execs themselves helped gut - yes, THAT'S the cause.

Henry Harris

This tells us a lot about the Republican mind set. So trashing the American economy is okay unless it's done watching porno? That's what it takes to trigger an alarm? Sounds like the Republicans need to get their mind off sex and be a little more attentive to business.

Fred

Republicans ticked off because SEC employees were not giving their full attention to policing the financial system? Give me a break. Regulation of any part of the financial system, to many in the the Republican party, is far more repulsive than watching porn.

kathleen

The inspector general's report was issued more than a year ago, and covered actual observations made in 2008...when, lest we all forget, the SEC was being run by Republicans under George Bush. It is beyond ironic that Republicans are now using the report to attack Democrats. Further, the attack would not be possible without the complicity and help of the "liberal media."

Runaway Serfer

Of course they were! They were working for an administration that believed that government didn't work. Had they tried to do the job as described in the job description - regulate Wall Street - they would've been fired. Remember the Attorneys General who were fired for doing their job? Or they men receiving medals or praise for messing up? It's very boring to sit in an office all day, every day, doing no work whatsoever.

DirkJohanson

Hire more women, fool?

"In one of the worst examples, an accountant working in one of the SEC's regional offices tried to access porn – SHE was blocked by the regulator's internet firewall – almost 1,800 times in a two-week period. The same WOMAN had almost 600 explicit pictures saved on HER company laptop" (emphasis supplied).

See http://tinyurl.com/29vnaqr

For more on the truth about gender issues, check out "The Balls Monologues" at http://guyinism.com

Cecile

any more ridiculous conspiracy theories? seriously, some republicans should be arrested for low IQ; what's next: having babies led to the meltdown? or purchasing diapers?

Patrick  McGuire

My question is why does not the IT Department automatically block the porn sites and while they are at it they can block adds or any site site deemed not appropriate for the working environment? The employees are not using their own computers. I work for a Fortune 50 company and many sites are blocked automatically by the company. Also computers are checked randomly for inappropriate software and emails w/o the knowledge of the user. This is done by employee id number so whenever a person uses a computer it is checking that specified employee.

Ignatian-Mystic

Good god. Just because some of these guys feel like the FEMA against Hurricane Katrina in bed (i.e. they're slow to respond, and don't give a lot of satisfying results), that does NOT give them the right to spend GOVERNMENT MONEY, TIME, AND RESOURCES looking at PORN on the job.

And as for that senior attorney...

8 hours daily??!! I'm surprised that this sick pervert hadn't been fired by now!! Especially considering that he burned the smut onto CDs and DVDs and stashed them in his office!! That should've been proper grounds to fire and ARREST him for indecent conduct at work.

If that guy ever shows his face in public again, I hope someone slaps him.

The U.S. government really is infested with idiots...


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