Lawrence Auster, in a discussion of a documentary regarding Jewish master-criminal Bernie Madoff, notes the following:
The program also goes into the SEC’s total failure to investigate Madoff despite the credible accusations made against him by Harry Markopolis. When you see the SEC’s enforcement chief Linda Thomsen being grilled by a congressional committee, it becomes clear that she didn’t do anything. She didn’t do the simplest thing that would have revealed the truth about Madoff’s Ponzi scheme in one day, i.e., demanding that Madoff show the records of his trades with the companies he was supposedly trading with. Since no such records existed, because no such trades had ever taken place, his entire fraud would have been exposed by the posing of the simple demand, “Show us your transactions.” But they didn’t make that demand. Alternatively, they could have looked at the lists of the companies Madoff was supposedly investing with, gone to five of those companies, and said, “Has Madoff purchased these stocks from your company?” The truth would have been revealed in one day. But the SEC didn’t do that.
The SEC people give new meaning to the term “empty suit”–a person who is supposedly filling a certain job and carrying out certain functions, but in reality is doing nothing. There’s no one there, except a self-important non-entity receiving the salary, perquisites, and respect accruing to the job that he is not performing and hasn’t the slightest interest in performing.
This is, indeed, the worst aspect of government involvement in so many areas of our lives. It creates massive costs, paperwork burdens, and anxiety for ordinary people. On the other hand, certain lawless people that are willing to deliberately flout the system often get away with it, because the regulators are so incompetent and lazy. We get the worst of both worlds: high costs and reduced freedom without the benefits of protection from predatory criminals.