BAM! Frank: GOP deregulation, not porn, was SEC’s problem

[babsbunny]

http://rawstory.com/rs/2010/0423/frank-regulation-porn-sec-problem/

By Gavin Dahl
Friday, April 23rd, 2010 -- 3:27 pm

In the wake of splashy coverage of the porn scandal at the Securities and Exchange Commission, called a political ploy by a sleuthing watchdog, Rep. Barney Frank (D-MA) told MSNBC on Friday that deregulation of banks was the real problem.

"The Republican philosophy was one that said, 'Do not regulate. Let the market do it better,'" said Frank. "That was a conscious policy preference by the people in power, namely to defer to the market in almost every instance and under regulate."

As Congress battles financial reform, the SEC is already under attack for failing to curtail dirty deals by Lehman Brothers and letting Bernie Madoff's ponzi scheme go unnoticed for years. Porn viewing among high-ranking SEC staff, however, has been public knowledge for some time.