The Porn Addicts Formerly Known As The SEC Take Their Vendetta With Egan-Jones To The Next Level

Tyler Durden's picture

This is so pathetic, it is beyond words:

  • US SEC EXPECETED TO VOTE ON POSSIBLE CHARGES AGAINST RATING FIRM EGAN JONES ON THURSDAY - RTRS
  • POSSIBLE CHARGES STEM FROM ALLEGED WILFUL MISTATEMENTS ON EGAN JONES' REGULATORY APPLICATION WITH SEC - RTRS

If nothing else, it explains the recent WSJ hit piece against Egan, just so it can make the public record in the SEC documentation. In other news, this will surely teach any other rating agency to downgrade the US not once (ahead of everyone else, well the S&P), but twice (and JP Morgan too).

In the meantime, the SEC still has NO IDEA what the definition of liquidity is, and continues to refuse to take ANY action against High Frequency Trading, to press criminal charges against ANY banker, or for that matter, to do anything that may jeopardize its staffers future careers as 7th assistant general council at assorted bailed out Wall Street firms.

Now we wait to hear news that Fitch and Moody's will receive a cash bonus from the SEC for not downgrading the US properly filing their
regulatory applications.

And now back to midget porn.

One senior attorney at SEC headquarters in Washington spent up to eight hours a day accessing Internet porn, according to the report, which has yet to be released. When he filled all the space on his government computer with pornographic images, he downloaded more to CDs and DVDs that accumulated in boxes in his offices.

 

An SEC accountant attempted to access porn websites 1,800 times in a two-week period and had 600 pornographic images on her computer hard drive.

 

Another SEC accountant used his SEC-issued computer to upload his own sexually explicit videos onto porn websites he joined.

 

And another SEC accountant attempted to access porn sites 16,000 times in a single month.

 

In one case, the report noted, an employee tried hundreds of times to access pornographic sites and was denied access. When he used a flash drive, he successfully bypassed the filter to visit a "significant number" of porn sites.

 

The employee also said he deliberately disabled a filter in Google to access inappropriate sites. After management informed him that he would lose his job, the employee resigned.

 

A similar SEC report for October 2008 to March 2009 said that a regional supervisor in Los Angeles accessed and attempted to access pornographic and sexually explicit Web sites up to twice a day from his SEC computer during work hours.

 

Porn Problem Began as Economy Collapsed

 

The report concluded that most of the cases began in 2008, just as the financial system began to collapse, and the problem hasn't stopped.

 

The most recent case cited in the report occurred four weeks ago.

 

"Trust me, these guys are addicts," said Mike Leahy, author of the book "Porn Nation."

 

"This isn't going to end until you know someone really puts a stop to it."

There is much more here...

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bank guy in Brussels's picture

Wow, absolute American corruption

CClarity's picture

Yep!  Punish the truthtellers and reward incompetence (at best) and falsifying propaganda promulgators.  Disgusting!

economics9698's picture

When you pay $150,000 a year with benefits to Ivy League kids and have them move papers from one side of the office to the other what the fuck do you expect?

Death and Gravity's picture

Fuck you, SEC, you monkey-fucking motherfuckers, every single one of you. Fuck you to hell.

hedgeless_horseman's picture

 

 

From last year's WSJ...

Argentina Fines More Economists Over Inflation Estimates

...Government officials deny the fines amount to censorship, saying they want Argentines to have access to "good data."

The Economy Ministry spokesman couldn't be reached for comment.

The fines have silenced some economists and led others to refrain from talking openly to the media. Citing government pressure, consulting firm Economia y Regiones said last month it will no longer make public its inflation estimates...

http://online.wsj.com/article/SB10001424052748703518704576259281697697752.html

 

And from tomorrow's WSJ...

America Charges More Economists Over Sovereign Ratings

...Government officials deny the charges amount to censorship, saying they want Americans to have access to "good data."

The Economy Ministry spokesman couldn't be reached for comment.

The charges have silenced some economists and led others to refrain from talking openly to the media. Citing government pressure, ratings firm Egan-Jones said it will no longer make public its sovereign debt ratings...

 

nmewn's picture

I'm still trying to digest the headline...the SEC votes on whether to charge? They either have evidence of a crime or they don't...the March of the Insane Keynesians continues.

Buck Johnson's picture

And if this and other stories don't tell you anything, this should.  There is no way out for the US, we are going to have a economic implosion the likes of which will make the Great Depression look like a friday afternoon correction.

LowProfile's picture

This sounds an awful lot like the function and perks the Supreme Soviet enjoyed in the USSR...

...Immediately prior to the collapse...

HoofHearted's picture

If you can't see this country heading toward a Brave New World, then you aren't paying attention.

And hey, don't fuck with Sean Egan. You mess with him or Kyle Bass and it's like trying to intimidate Ron Paul. Some of us are NOT going to put up with this shit.

Anyone at Treasury or the Fed ever think that maybe they ought to do something to ensure that Egan-Jones isn't right???

YC2's picture

The Spanish Inquisition?

Buck Johnson's picture

It's much more than that, most of them are just waiting it out for them to get hired by a major firm so that they can show them how to keep away from audits and flags popping up if any.  Do you truly believe that these Ivy league kids go into the federal service when they see their friends who luck out and get the 1.5 million dollar job and more.  They couldn't get the dream job at the beginning and so is waiting it out and hopeing to be noticed by a big firm.  And some are doing the 20 years and out and then go into the private sector to the same companies they investigated. 

Smartie37's picture

.

The desperation is now truly palpable and odiferous..............

Doesn't the next step after that typically involve resorting to violence ???

Watch your back, Egan !!!

Peter Pan's picture

People forget that when Bernanke was giving assessments of the economy, housing and future developments he was also acting as a ratings agency. Now that his prognostications about housing and the economy have been proven badly wrong, will he also be prosecuted?

GeneMarchbanks's picture

American or not, this is what happens when you do your work honestly.

a growing concern's picture

Yep.  Dishonesty and fucking over other people is the new way to get ahead.

StormShadow's picture

Unfortunately it isn't new. Been going on since we crawled outta the sea

Dr. Richard Head's picture

As they say, "No good deed goes unpunished."

Dr. Richard Head's picture

As they say, "No good deed goes unpunished."

boogerbently's picture

Exactly!

The further we get from Him, the lower we slide on the "ethics" scale.

 

boogerbently's picture

Exactly!

The further we get from Him, the lower we slide on the "ethics" scale.

 

YC2's picture

Tallest blade of grass gets the mower!

 

There's another level of understanding Ive learned.  Theres knowing whats going on and how to get through it, and knowing whats going on and knowing how to get through it with the knowledge that the rules of today will not apply when the time comes to do so.

Divided States of America's picture

Looks like Egan Jones gonna be gangbanged.

Ruffcut's picture

I am always hoping that henry kissassgers comment "useless eaters" applied to suckasses like at the SEC, among another 10 dozen clusterfuck organizations.  But, I highly doubt it.

Bastiat's picture

Hey, they are not useless eaters, they have an important contribution to make:  keeping the biggest crooks safe from any real oversight.  A mobster things of a corrupt cop as a valuable asset.  These wankers earn their porn-time: they sold their integrity for it!

Iwanttoknow's picture

Henry kissinger is the biggest useless eater.Sice you quote him,you become one.

Ruffcut's picture

I am now deemed a useless shitter.

LasVegasDave's picture

“Our government teaches people by example. If the government becomes the lawbreaker, it breeds contempt for law; it invites every man to become a law unto himself; it invites anarchy."

-Louis Brandeis

EscapeKey's picture

The truth is what we tell you it is, slave.

cossack55's picture

"in a time of universal deceit, telling the truth is a revolutionary act"

                                                        Orwell

UP Forester's picture

Daily whippings will continue until morale improves.

pods's picture

We adopted a variation of that as our unofficial company motto!

UP Forester's picture

Top of departmental meeting two months ago:

"Tip of the week:  Be glad you have a job.  Imagine yourself without one."

Very reassuring....

LongSoupLine's picture

And that's just one step further into the septic system for US and market culture.

hidingfromhelis's picture

...except septic systems take effluent and break it down, not leverage and multiply it.

mayhem_korner's picture

 

 

So...Moody's & S&P are including site links in their filings, and Egan Jones doesn't?

GrinandBearit's picture

When/where does the corruption end? 

Is everyone bought and paid for, or is this some alien experiement/plan to take over the entire human race?  Sure seems like the latter.

Cdad's picture

Who was it who took me to task a couple days ago about "Ending the SEC"?  Perhaps, today's headline will give pause to his criticism that the SEC needs the firehose treatment.