Demons & Dialog

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SEC officials squirming before Congress claim Executive Privelage

with one comment

Posted: 05 Feb 2009 10:18 AM CST

Copyright © 2009 admin. Visit the original article at http://www.dailynewscaster.com/2009/02/05/sec-officials-squirming-before-congress-claim-executive-privelage/.

By: George @ 11:17 AM – EST

Linda Thomsen Director of Enforcement for the U.S. Securities and Exchange Commission and Andy Vollmer the SEC’s Acting General Counsel are grilled by Rep. Gary Ackerman (D-NY).

Both Thomsen and Vollmer refusing to directly answer any of the questions posed by the American peoples representative. Mr. Vollmer rambles continuously about the privileges and protections he believes he has when testifying before Congress.

Rep. Ackerman is forced to ask over and over again if Mr. Vollmer is siting Executive Branch immunity.

Rep. Ackerman, “Are you siting Executive Branch immunity, Mr. Vollmer?”

Vollmer, “I would like for you to allow me to answer your question.”

Rep. Ackerman, “Its a yes or no question.”

Vollmer, “No it is not. There are a variety of reasons and privileges and protections. One is Executive Branch protections. There is a deliberative process protection. They stem from the same designs you have. And we are asking that you allow those processes to work.”

Rep Ackerman, “We are out of patience and the question obviously is a yes or no question. Either you are siting Executive Privilege immunity or your not doing that.”

Vollmer, “Yes it is in part.”

The SEC investigative division was given complete records on the Bernie Madoff financial fraud scheme by whistle blower Harry Markopolos over a decade ago. Mr. Markopolos told Congress the SEC was either unwilling or unable to investigate Madoff.

Video: SEC officials claim Executive Privelage before Congress

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Written by Michael Cooper

February 6, 2009 at 5:06 pm

Posted in Uncategorized

One Response

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  1. Congress really needs to find a way to prevent things like this from happening when they need to get information. Hopefully Congress will actually choose to open up a discussion about things like this to prevent them from happening in the future. Now that they seem to have come to some sort of agreement on the stimulus package, they should be able to move on to issues like this.

    I saw that the Friends of the U.S. Chamber of Commerce is asking people to give their opinion on the most important thing for Congress to do next. Then they are going to focus their efforts on getting Congress to accomplish what we actually want them to do.

    What do you think Congress should do? Should they find a way to get the information they need from the SEC? Should they try to reform the laws governing people testifying before Congress? Or should they focus their efforts on completely different areas? Make sure to add your opinion so Congress can know what we want them to do next – http://www.friendsoftheuschamber.com/email/email4.cfm?id=200

    jjblogging

    February 7, 2009 at 5:49 am


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