Demons & Dialog

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SEC officials squirming before Congress claim Executive Privelage

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Posted: 05 Feb 2009 10:18 AM CST

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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


Written by Michael Cooper

February 15, 2009 at 9:01 pm

Posted in Uncategorized

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