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Security Exchange Commission (SEC) Under Investigation

The Security Exchange Commission is under investigation for not doing their job. The investigation will be conducted by the Inspector General according to news reports. The SEC is at fault for missing red flags in regards to Bear Stearns as well as allowing them to use inside auditors which is clearly against the rules.
What I’m really surprised at is that it took this look to make the decision. Why is it though that the Inspector General hasn’t opened other investigation against Chris Cox and SEC for the lack of regulations that should have been done for the last three years?
In a statement from Chris Cox, He comment that he’s spoken before about the voluntary regulations rules are not the way things should be. What is he talking about? He’s the man in charge for making these regulations and he’s already stating that someone needs to do his job. It’s the job of the SEC to do these regulation investigation and to make sure that the guidelines are enforced.
This is one of the many reasons why this country’s economy and credit crisis is spiraling out of control. Accountability is something that is disappearing in this country’s government and it looks like it won’t be coming back anytime soon. This investigation is just a joke anyway because what are they going to do to the SEC? They can’t arrest the whole commission and there won’t be any fines that Chris Cox would have to pay. The worst thing that is to happen is the he will have to step down from his position as the Chairman. We all know what would happen then. he will be offered a position with one of the many financial institutions that he looked the other way for. It’s a shame that this corruption is going on right in front of our eyes and it seems that nothing can be done about it.

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