Prs. Elect Once Again Rewards Failure With a Promotion.
By ParaTed2k
@ParaTed2k (22940)
Sheboygan, Wisconsin
January 11, 2009 5:35pm CST
If there is anything that can describe the new Obama Cabinet it, "Rewards for Failure". With the noted exception of Robert Gates, almost all of Obama's picks are people whose failures have led to the current financial fix we're in right now.
His latest pick only goes to prove the point even further.
Obama has tapped Mary Schapiro to run the Securities and Exchange Commission. Schapiro currently oversees the Financial Industry Regulatory Authority. FINRA is the watchdog group that let Madoff make off with billions.
Of course, the fact that she failed miserably shouldn't be at issue here. After all, like all Liberal failures, it isn't the facts that count, it's how much she cares, right?
Of course, being the mindless rubberstamp they are building themselves up to be, the Senate will make waves about her failures but in the end, her confirmation is in the bag.
The Obama Administration: Where failure isn't an option, it's a career enhancer.
http://news.yahoo.com/s/nm/20090111/pl_nm/us_usa_obama_sec
1 person likes this
1 response
@TheCasualReporter (283)
• France
11 Jan 09
Judging from the article, I'm not convinced the blame for FINRA's failure to regulate Madoff is hers. If you're the head of a regulatory agency but the administration opposes regulation of financial services and disposes of people who oppose the President's viewpoint, then how much power do you have to stop schemes like Madoff's? There's an important paragraph in the article that points to FINRA's concern that entities like Madoff are able to avoid FINRA's jurisdiction by keeping customers outside the broker-dealer agreement by using unregistered investment vehicles or through registered investment advisors. So perhaps she was doing all she could to regulate Madoff, but there were too many loopholes for her to have the power to do so. If this is all true, then her insider knowledge of the case coupled with an administration that wants to plug these types of loopholes and improve the quality and effectiveness of regulation would make her an excellent candidate for the position.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
12 Jan 09
Yawn! More excuses for failure. And excuses for Obama.
@TheCasualReporter (283)
• France
12 Jan 09
I don't know enough about the Madoff case or FINRA's involvement to comment with any authority. I only refer to the article you cite. I appreciate your critical thinking - you may very well be right in your assessment of the new appointee - but it's unfortunate you seem so disinclined to consider aspects of the article that are in disagreement with your viewpoint. I assume you didn't vote for Obama, which makes me wonder: are you as critical of the Bush administration's failures, or McCain's, or Palin's, or anyone else's? In other words are you objectively critical or do you tend to focus only on arguments that support your already chosen position? Just curious.
@ParaTed2k (22940)
• Sheboygan, Wisconsin
12 Jan 09
No, I didn't vote for Obama, but I wasn't a supporter of McCain either. I do support Prs. Bush, but I have always been willing to call it as I see it with him too.
I only accept the "it wasn't their job" reasoning if it actually isn't their job. It is the job of FINRA to oversee and sniff out schemes like Madoff's, so I won't accept excuses about why she failed to do her job. I also won't back down on pointing out the hypocrisy of rewarding her failures with a promotion.
Her insider knowledge didn't seem to help her in her past job, why would we think she would use it in this one.
Another thing about me is, I'm willing to admit when I'm wrong. Only time will tell.
