SEC Enforcer Leaves Agency After 14 Years
EmailABC News’ Matthew Jaffe reports: As the Securities and Exchange Commission continues to come under fire for failing to stop Bernie Madoff’s alleged $50 billion Ponzi scheme, the leader of the agency’s enforcement division is leaving her post to return to the private sector. The SEC announced today that Linda Chatman Thomsen, the director of the Division of Enforcement, is leaving after 14 years at the agency. The SEC has been hit by an avalanche of criticism in recent weeks from people who say it failed to adequately protect investors from Madoff’s alleged Ponzi scheme. Just last week, a whistleblower and lawmakers alike blasted agency officials at a congressional hearing. "You couldn’t find your backside with two hands if the lights were on," Rep. Gary Ackerman, D-N.Y., told SEC officials. But today, the new head of the SEC had nothing but praise for Thomsen, saying she led a historic period of SEC law enforcement and noting that, in the last two years, the agency has brought the second- and third-highest number of enforcement actions in its history. "Linda’s achievements have been nothing short of extraordinary, even heroic, in an era of unprecedented challenges in our securities markets," SEC chairwoman Mary Schapiro said in a statement. "Linda has distinguished herself in public service through her keen intellect, profound understanding of our securities laws, and relentless pursuit of wrongdoers. While Linda’s wisdom, judgment, integrity, and humor will be sorely missed by all of her colleagues, the agency and the investors we serve will always be grateful for Linda’s service." Thomsen had been at the SEC since 1995. She called her time at the SEC "an extraordinary privilege." "For nearly 14 years, I have been surrounded by smart, hardworking, creative, wonderful colleagues who have been devoted to public service, this agency, and its essential mission of investor protection," Thomsen said. "There is no higher honor than to serve the public and I am grateful to have had the opportunity to do so during my time at the commission."
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Thank goodness she’s leaving! Good riddance to bad rubbish. The more I hear government officials heap praises upon themselves after they’ve failed to perform their duties to protect the American people from being preyed upon by unscrupulous, greedy corporate vultures, the more it sickens me. This is just ridiculous. Not only are these officials not fired for direlection of duty and or sent to jail for colluding with others to rip us off, but they have the guts to stand up and praise themselves for horribly done jobs that result in the American people being swindled. THIS HAS GOT TO STOP. These people must be deterred from this bold and brazen outspoken praise of themselves. They should be sent away in shame and thown into jail. I’ve had it up to here with the entire lot of them.
Posted by: steelwaters | February 9, 2009, 2:18 pm 2:18 pm
Enforcer of WHAT? Did she enforce the limits
of coffee at the board meetings? She should
be investigated, and see what her priorities
were for the corruption that SHE was supposed
to oversee. What was her take on the Madoff
whistleblower? Was she involved with the “look
the other way” attitude of the SEC? Any kickbacks?
Ironic, she’s leaving at this time…Hmmmmmm
Posted by: spacerook1 | February 9, 2009, 3:36 pm 3:36 pm
Someone needs to sue her.
Posted by: Joe | February 10, 2009, 5:14 am 5:14 am
Well said steelwaters! There was so much money flowing around, nearly everybody turned a blind eye.
Posted by: 401F | February 10, 2009, 5:31 am 5:31 am
What an absolute waste of tax payer money this woman was. I wouldn’t give her a job as a cashier she’s so incompetent!
Posted by: Hege! | February 10, 2009, 7:28 am 7:28 am
Good riddance. She should be arrested for ruining lives of so many people with her incompitence and inaction. Believe me, she will walk free due to the loose American justice system.
Posted by: Mickey | February 10, 2009, 10:14 am 10:14 am
Who ever praises her should also be investigated. They are all in this together.
Posted by: Mickey | February 10, 2009, 10:17 am 10:17 am
What, regulations didn’t work? Just another huge bloated government mess. Stop the Fed from creating the bubble and solve the problem.
Posted by: Huh | February 10, 2009, 11:15 am 11:15 am
Looks like Schapiro is concerned that the first woman security enforcer will make all women look bad. From her age she probably graduated during the 70′S a time when the Government had a gun to the head of every business frocing them to hire women who where not qualified just to fill quotas. Every time I have met one of them in a business meeting I am shocked at what light weights they all are.
Some of you are not aweare that the US Government has made a business of discrimination ever since LBJ took office. At one time we were all Americans now we are simply defined by our race or ethnicity. “Thank the Liberals children” “Thanks Liberals”.
Posted by: jjb | February 10, 2009, 1:13 pm 1:13 pm
This woman oversaw the SEC’s “Division of Enforcement” during a period of the greatest largesse on Wall Street since the 1920s. Her “Division of Enforcement” allowed rampant naked short selling to take place without enforcement of rules that have been on the books since the 1930s. She needed to go. Vollmer needs to go as well (IMO, his backward claim of “executive privledge” was to avoid testifying).
Posted by: SJ | February 11, 2009, 3:03 am 3:03 am
This whole situation has gotten ridiculous. Seriously this government has become ineffective and is obviously failing. Our financial markets are failing and our leadership is failing (sorry, I see no change, same players, almost the same strategy just rehashed by Democraps instead of Rethuglicans). If they were serious about fixing this mess wouldn’t you start off BY FIRING THE PEOPLE RESPONSIBLE FOR THIS FIASCO??? Foriegn policy off the bat is a failure. No change. No change in our dealings with Israel, no change in our dealings with Iran.
So tell me, WHERE IS THE CHANGE?
Posted by: Sabri | February 11, 2009, 6:04 am 6:04 am
What non-sense!! Total infusion of NEW BLOOD/TALENT is needed at these agencies. All you deal with are people that are stale and under-informed and grossly inefficient to understand, carry/investigate the very simple and basic concepts of the roles they are responsible for.
Recently, I was involved in a SOX investigation – I was SHOCKED at the level of basic understanding of the OSHA investigator. Total lack of basic concepts. These are the people responsible to investigate whistle blower complaints? Needless to say – it’s quite likely a potential complaint with merit will be ignored. Total change and new blood is needed or else we have no hope.
Posted by: Moto-Moto | February 11, 2009, 9:47 pm 9:47 pm
That’s it? It’s been an honor to serve??? She didn’t serve investors! She served the criminals! She should be brought up on charges along with the rest of the members of the SEC! They’ve been accepting money under false pretenses!
Posted by: Wiped-out | February 23, 2009, 4:02 am 4:02 am
I cannot believe she had the gaul to praise herself and someone else praising her. Praise for what. That witch sat back and watched everything unfold and she just let everything blow up. Why is she resigning now, because as soon as the stuff hits the fan, her name along with other people will be dragged through the mud while she and the other SEC crooks made off w/a lot of behind the door pay offs. One day when she meets her maker, I am sure she will eventually pay the price. The audacity to give and get praise. All those SEC crooks need to look at the man in the mirror and say to themselves did I really do a good job helping the American people, and the mirror will answer back, Heck no. now go away witch.
Posted by: cdd | February 23, 2009, 4:17 am 4:17 am