Bernie Madoff’s Ponzi: A Call for Better Regulation
Mark Levine’s Inside Scoop on Washington
From Mark Levine:
“Why did Bernie Madoff succeed in the largest Ponzi (pyramid) scheme in world history? Why did Enron and oil speculators get away with manipulating energy prices? Why is our economy in depression due to AAA-rated gambling (known as credit derivative swaps)?
All because auditors and ratings agencies are paid by the very people they’re told to monitor.
Yes, the cops are paid by the Mafia, and we’re surprised they’re crooked?
When I worked in Congress, the Republicans did their best to lower the salary of lawyers at the Securities and Exchange Commission and the Internal Revenue Service and other watchdogs. This way, the SEC and the IRS couldn’t afford to hire the best, and criminals would remain more sophisticated then those that police them. Government service is always less well rewarded than private service and the Republicans wanted to make sure that the “best and brightest” went to Wall Street rather than the SEC. And now they’re shocked — shocked! — to find out that the low-paid cops didn’t monitor the sophisticated criminals very well and the high-paid private rent-a-cops (the ones paid by the criminals) didn’t monitor the criminals either.
There’s only one solution: tax Wall Street heavily and use the money to pay for the best, most sophisticated cops money can buy. If we have to nationalize Moody’s and Standard and Poors, so be it. After all, those companies won’t be worth anything anyway after investor lawsuits are done with them. Actually, it’s probably better to throw all the bums out and start anew.
Why should Republicans — or any American not on the take — hate an honest cop?
If we taxed investment banks just 1% more, it should be enough to pay for the finest cops on the beat. And, as we’ve learned the hard way, it would save Americans and investors worldwide trillions of dollars.”
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The Inside Scoop is nationally syndicated on the Head-On Radio Network and iTunes. The show can be heard on radio weekdays, 5-6 pm Eastern, and can be seen on television Monday 7-8 pm Eastern.
Since June 2003, Mark Levine has given listeners The Inside Scoop from political players inside the Beltway – news that the Media almost never reports and those in power in the Government do not want you to know about. Mark welcomes all during his talk radio hour, and he particularly values calls from folks who disagree with him.
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