Alt-Coin Trader

Deregulation, not porn, was SEC’s problem


(Barney Frank is engaged in his own 'political ploy' insinuating that the democrats put up a real fight against deregulation. Otherwise, his point is valid.)


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.
Marian Wang at the investigative news group ProPublica wondered if it is a coincidence that Republicans opposed to financial reform "suddenly" have plenty to say "about how troubling the porn problem at the SEC is."
Rep. Darrell Issa (R-CA) criticized what he considered a politicized SEC after commissioners voted 3-2 to sue the investment bank Goldman Sachs for defrauding investors. Just as Republicans questioned the timing of the suit, now questions are being asked about the GOP strategy of pointing to the porn issue.


Read More from Raw Story