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Fri Jan 25, 2013, 02:46 PM

Obama Puts Fox In Charge of Henhouse By Matt Taibbi, Rolling Stone

http://readersupportednews.org/opinion2/277-75/15711-focus-obama-puts-fox-in-charge-of-henhouse



I was shocked when I heard that Mary Jo White, a former U.S. Attorney and a partner for the white-shoe Wall Street defense firm Debevoise and Plimpton, had been named the new head of the SEC.

I thought to myself: Couldn't they have found someone who wasn't a key figure in one of the most notorious scandals to hit the SEC in the past two decades? And couldn't they have found someone who isn't a perfect symbol of the revolving-door culture under which regulators go soft on suspected Wall Street criminals, knowing they have million-dollar jobs waiting for them at hotshot defense firms as long as they play nice with the banks while still in office?

I'll leave it to others to chronicle the other highlights and lowlights of Mary Jo White's career, and focus only on the one incident I know very well: her role in the squelching of then-SEC investigator Gary Aguirre's investigation into an insider trading incident involving future Morgan Stanley CEO John Mack. While representing Morgan Stanley at Debevoise and Plimpton, White played a key role in this inexcusable episode.

As I explained a few years ago in my story, "Why Isn't Wall Street in Jail?": The attorney Aguirre joined the SEC in 2004, and two days into his job was asked to look into reports of suspicious trading activity involving a hedge fund called Pequot Capital, and specifically its megastar trader, Art Samberg. Samberg had made suspiciously prescient trades ahead of the acquisition of a firm called Heller Financial by General Electric, pocketing about $18 million in a period of weeks by buying up Heller shares before the merger, among other things.

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Reply Obama Puts Fox In Charge of Henhouse By Matt Taibbi, Rolling Stone (Original post)
wilsonbooks Jan 2013 OP
FiveGoodMen Jan 2013 #1
HowHasItComeToThis Jan 2013 #17
FiveGoodMen Jan 2013 #20
Blanks Jan 2013 #22
Uncle Joe Jan 2013 #32
Blanks Jan 2013 #33
Doctor_J Jan 2013 #28
gateley Jan 2013 #30
xocet Jan 2013 #2
kath Jan 2013 #3
idwiyo Jan 2013 #4
Demo_Chris Jan 2013 #5
trumad Jan 2013 #7
UnrepentantLiberal Jan 2013 #15
Demo_Chris Jan 2013 #21
Dragonfli Jan 2013 #27
dballance Jan 2013 #6
coldbeer Jan 2013 #8
Zen Democrat Jan 2013 #9
phleshdef Jan 2013 #10
Cha Jan 2013 #11
Fumesucker Jan 2013 #24
Zoeisright Jan 2013 #12
UnrepentantLiberal Jan 2013 #14
rhett o rick Jan 2013 #16
MannyGoldstein Jan 2013 #26
just1voice Jan 2013 #13
bvar22 Jan 2013 #18
RiverNoord Jan 2013 #19
Blanks Jan 2013 #23
Dragonfli Jan 2013 #25
Blanks Jan 2013 #31
Doctor_J Jan 2013 #29
yurbud Jan 2013 #34

Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 03:15 PM

1. Again

and again and...

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Response to FiveGoodMen (Reply #1)

Fri Jan 25, 2013, 05:39 PM

17. FOX IS A PROPAGANDA MACHINE, WHEN WILL IT BE TREATED AS SUCH

THE WHOLE US WAS GOING ALONG FINE TIL ALLES MADE THE SCENEhttps://www.google.com/search?q=ROGER+ALLES&ie=utf-8&oe=utf-8&aq=t&rls=org.mozilla:en-USfficial&client=firefox-a

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Response to HowHasItComeToThis (Reply #17)

Fri Jan 25, 2013, 06:27 PM

20. "Fox in charge of Henhouse" is an expression.

Matt wasn't reporting on Faux News.

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Response to FiveGoodMen (Reply #20)

Fri Jan 25, 2013, 07:26 PM

22. Clearly we've gotten too far away from an agrarian society. eom

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Response to Blanks (Reply #22)

Mon Jan 28, 2013, 02:05 PM

32. It's all tied to this thread.

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Response to Uncle Joe (Reply #32)

Mon Jan 28, 2013, 02:57 PM

33. Thanks for the link. I decided not to wade into that. eom

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Response to HowHasItComeToThis (Reply #17)

Sat Jan 26, 2013, 10:53 AM

28. Huh?

Are you OK?

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Response to FiveGoodMen (Reply #1)

Sat Jan 26, 2013, 01:46 PM

30. Yes, again. Just as I was eagerly waving buh bye to Geithner. Sigh.

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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 03:45 PM

2. Amazing... n/t

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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 03:57 PM

3. Hey, don'cha know that putting a fox in charge of the henhouse is a bad thing only when someone like

Dubya does it?

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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 04:00 PM

4. K&R

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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 04:05 PM

5. I am guessing Matt will be back on the hated list now

 

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Response to Demo_Chris (Reply #5)

Fri Jan 25, 2013, 04:10 PM

7. Truth is like Kyrptonite some here

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Response to trumad (Reply #7)

Fri Jan 25, 2013, 05:08 PM

15. They're on the case down thread.

 

Wilfully delusional as always.

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Response to UnrepentantLiberal (Reply #15)

Fri Jan 25, 2013, 06:38 PM

21. hehe

 

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Response to Demo_Chris (Reply #5)

Sat Jan 26, 2013, 09:23 AM

27. I knew he would be back under the bus, he hasn't learned to ONLY PRAISE authority

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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 04:05 PM

6. So thoroughly disappointing

We have Holder, Geithner, now this one. All from the appropriately labeled "golden revolving door" between government and the people they're supposed to be regulating and prosecuting. It just really makes me sad to see such blatant examples of how the Democrats are no better than the Republicans in this manner.

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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 04:17 PM

8. Off the subject, but didn't Colen's son

get a cushy job after Colen bent over and dropped his drawers?

Wht is the definition of politics?

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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 04:20 PM

9. Taibbi forgets that there's a distinction between being a defense lawyer and a prosecutor.

She's been both. Defense lawyers work for their clients, guilty or innocent. That's our form of government. Prosecutors are looking for convictions. She's been on both sides. As head of the SEC she'll be in prosecutorial mode.

What's wrong with Matt Taibbi? I thought he was smarter than that.

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Response to Zen Democrat (Reply #9)

Fri Jan 25, 2013, 04:27 PM

10. Taibbi is plenty smart enough. He just likes to talk shit and enjoys being a cynic.

Notice how he said he would leave it to others to talk about the good things she has done. He isn't interested in a fair story, he is interested in criticizing and nothing more.

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Response to Zen Democrat (Reply #9)

Fri Jan 25, 2013, 04:35 PM

11. no he's not. He likes the cutesy headlines that

suck people in so they can start taking cheap shots at the President.

Obama Puts Wall Street’s Worst Nightmare In Charge Of SEC

She has experience in white-collar crimes as well, leading major busts of penny stock manipulation schemes in 2000 which resulted in the arrest and convictions of over 100 people, one of the largest crackdowns on white-collar crime in US history. White’s office has won billions in restitution from major banking institutions for defrauding investors. When she retired from the US Attorney’s office in 2002, it was a major sigh of relief from the business worlds more corrupt elements.

She is someone who knows how to root out corruption, to find the information needed, and to get results. Wall Street had hoped for a business insider, but has instead gotten a vicious attack dog. This appointment comes on the heels of a newly empowered Securities and Exchange Commission, meaning that the administration has decided to get tough on big businesses who would seek to exploit people for profit
.
http://www.democraticunderground.com/?com=view_post&forum=1251&pid=280068

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Response to Cha (Reply #11)

Sat Jan 26, 2013, 07:20 AM

24. To use another agrarian metaphor involving a fox

Please don't throw me in that briar patch br'er Fox.

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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 04:37 PM

12. Um, WHAT?

Here's another story saying that Mary Jo White is Wall Street's worst nightmare.

http://www.democraticunderground.com/1251280068

Which one is it?

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Response to Zoeisright (Reply #12)

Fri Jan 25, 2013, 05:05 PM

14. One headline is bullshit, the other isn't.

 

Being a prosecutor on mafia trails doesn't guarantee she'll be "Wall Street's worst nightmare".

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Response to UnrepentantLiberal (Reply #14)

Fri Jan 25, 2013, 05:14 PM

16. The logic of some is unbelievable. Since she has shown to be tough, then she will be tough

against Wall Street. HUh? Wishful thinking. Maybe she will be tough supporting Wall Street.

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Response to Zoeisright (Reply #12)

Sat Jan 26, 2013, 09:21 AM

26. Given this White House's track record...

What's *your* guess?

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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 04:54 PM

13. So she's a psychopath who works for "both sides"

 

She's probably pro-torture and anti-torture too, LOL.

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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 05:45 PM

18. DURec,

Matt Taibbi has a pretty good track record.




You will know them by their WORKS,
not by their rhetoric, promises, or excuses.
Solidarity99!
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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 05:46 PM

19. An absolute necessity for preserving the Republican form of government

The 'revolving door' culture is stark raving nuts. A government absolutely cannot take effective measures against those who break the law when those designated to initiate and prosecute the measures are former and future employees of the lawbreakers themselves.

There is nothing for it but a constitutional amendment - without that, we will sink even further into severe government corruption and become a pure feudal big business nation, with puppet state and national governments. It is inevitable.

This would work:

No person may hold an Office of Trust on behalf of the United States which involves, to any degree, prosecution of individual or corporate parties and/or pursuant or subsequent investigation of the activities of such parties for the violation of the criminal or civil laws of the United States governing commercial conduct, if said person has, at any time during a period of five full calendar years prior to the assumption of the office, received any pecuniary compensation for any services rendered to a party or parties involved in commercial behavior, the nature of which party or parties' commercial activities may be reasonably anticipated to bring said party or parties, or other parties engaged in substantially similar commercial behavior, within the extent of the person's prosecutorial or investigative authority as defined by the duties of the Office.

Additionally, no person holding or having held such an Office of Trust on behalf of the United States may receive any pecuniary compensation from nor hold any pecuniary interest in any party or parties whose commercial activities are or may reasonably anticipated to be subject to the person's prosecutorial or investigative authority as defined by the duties of the Office, during the person's term of said Office. Nor may such person, subsequent to departure from said office, for a period of 5 full calendar years, receive any such compensation or hold any such interest in such party or parties, even if the party or parties did not conduct any such commercial activity during the person's term of office, but began such activity subsequent to the departure of said person from the Office.

That's what you call government. Without it, we slowly cease to be a Republic.

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Response to wilsonbooks (Original post)

Fri Jan 25, 2013, 07:31 PM

23. It took Joe Kennedy to stop the shenanigans on Wall Street.

You have to have someone familiar with the problem to fix the problem.

Kennedy got rich gaming the system, and he knew how to stop it.

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Response to Blanks (Reply #23)

Sat Jan 26, 2013, 09:16 AM

25. You do realize by your logic a pedophile would be ideal to head a child rape taskforce

to mirror paraphrase your reasoning:
"Kennedy got rich gaming the system, and he knew how to stop it."
"The pedophile raped children successfully, he will know how to stop it"


It is true that a stopped analog clock is right twice a day, that doesn't prove that the best way to tell time is to buy a watch with frozen hands.

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Response to Dragonfli (Reply #25)

Mon Jan 28, 2013, 01:31 PM

31. Not really.

Pedophiles that act on their impulses are breaking the law. Joe Kennedy wasn't breaking the law when he was making a killing on Wall Street. He knew which things that he was doing that should not have been allowed.

Additionally, there shouldn't be any problem using pedophiles to get profile information about pedophiles. That can be done without exposing them to children. You wouldn't want the pedophile's incentive to be 'time with a child' if they cooperated. Similar to the fact that you wouldn't want someone overseeing Wall Street with investments dependent upon their actions.

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Response to wilsonbooks (Original post)

Sat Jan 26, 2013, 10:57 AM

29. The post-inaugural has been disappointing

No filibuster reform, refusal of Holder to intervene in election theft, and now this. Monday was great. The rest of the week has been more normal (disastrous)

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Response to wilsonbooks (Original post)

Mon Jan 28, 2013, 06:01 PM

34. I wonder if Elizabeth Warren will vote to confirm her...

she would have to screw Obama or screw the rest of us.

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