Menendez wants reforms at the SEC

by: Jason Springer

Thu Jul 02, 2009 at 03:00:00 PM EDT

Following the sentencing of Bernie Madoff Monday, Senator Menendez has called for reforms at the Securities and Exchange Commission and other financial institutions. Here's what the Senator wants:

An increased enforcement budget at the SEC, which was inadequately funded during the Bush Administration
Senate Finance Committee hearings on ways the federal government can help innocent victims of Ponzi schemes to recoup their losses through the Securities Investor Protection Corporation (SIPC) or other means
Enactment of the Improved Financial and Commodity Markets Oversight and Accountability Act, legislation Senator Menendez introduced on June 25th, 2009 to strengthen the Inspectors General at five key financial regulatory agencies: the Securities and Exchange Commission, the Federal Reserve, the Commodity Futures Trading Commission, the National Credit Union Administration, and the Pension Benefit Guarantee Corporation. The legislation would require Presidential appointments and Senate confirmation of the Inspectors General, who are currently appointed by the heads of the agencies they are supposed to investigate. The legislation also clarifies the subpoena powers of the Inspectors General so they can properly oversee the financial regulators and requires regulators to respond to deficiencies identified by the Inspectors General by either taking corrective action or explaining to Congress why they are not taking corrective action.

There will be an amazing amount of money and pressure brought to bear on any reforms of the financial industry. There are so many layers of problems to deal with, but having an effective regulatory commission to oversee the system might be a good start.

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Quote of the Day: May Satan grow a fourth mouth

by: Jason Springer

Mon Jun 29, 2009 at 10:41:42 PM EDT

Emotions were running high today as victims swindled in Bernie Madoff's ponzi scheme had their opportunity to confront him before sentencing in court. One such victim was former Fort Lee Mayor Burt Ross:

Please allow me to take a liberty now by speaking for many of those victims who because of frailty, privacy, distance, or other reasons are unable to bear witness today. We urge your Honor to commit Madoff to prison for the remainder of his natural life, and when he leaves this earth virtually unmourned, may Satan grow a fourth mouth, where Bernard L. Madoff deserves to spend the rest of eternity. Thank you.

Madoff was sentenced to 150 years in prison, but that won't bring back the money he swindled or fix the lives that were ruined in the wake of his actions.

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