SEC Won't Fire Incompetent Employees
RUSH: From Cybercast News Service, Mark A. Calabria: "Over a year ago I asked a fairly simple question, why can’t we fire failed regulators? After all, lots of seemingly smart people had oversight of our financial markets, and regardless of whatever spin you might hear, our financial markets are, and have been, highly regulated. Sadly, 'highly' is not the same as 'well.' Perhaps no failure was as avoidable as that of the Bernie Madoff scheme. After all[,] outside parties basically put the case together and brought it to the Securities and Exchange Commission (SEC). Yet, the SEC did nothing until it was far too late." The SEC looked at Madoff and found nothing wrong! "Eventually the SEC’s human resources department and an outside law firm advised the agency on how to handle these regulatory failures."
Anyway, the upshot of this story is, firing incompetent employees? No, that would harm our work, said the chief of the Securities and Exchange Commission. Mary Schapiro: No, no, no, firing these people "would harm the agency's work." Now, you would think that having incompetent employees would harm the agency's work -- and in a normal, sane, nongovernment world having incompetent people would harm the agency's work. But no! At the SEC we're told: No, no, firing incompetent employees "would harm the agency's work." So obvious incompetence is tolerated, promoted, rewarded at the Securities and Exchange Commission.
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