Matt Taibbi on the SEC and Wall Street

Thursday, August 25, 2011

Rolling Stone writer Matt Taibbi discusses his latest article, “Is the SEC Covering Up Wall Street Crimes?”  For the past two decades, according to a whistle-blower at the SEC who recently came forward to Congress, the agency has been systematically destroying records of its preliminary investigations once they are closed.


Matt Taibbi

Comments [17]

@ jaggerbutts from Queens


Aug. 25 2011 12:55 PM
Andy B. from New York

Gregory from the Bronx - yes you were wrong.

I suggest you read ALL of Matt Taibbi's Rolling Stone articles about Wall Street, and then you will understand why.

Aug. 25 2011 12:47 PM
Stephan from Queens NYC

Why can’t we make laws that make these dirty doing by Wall Street types criminal? I worked at an stock Exchange once and just the way auditing and self regulating was conducted makes all these people corrupt. How do we allow these people to regulate themselves? That’s just wrong.

Aug. 25 2011 12:41 PM
Gregory from The Bronx

The Republicans destabilize federal government by either controllling the law-making process, Congress's charge, or sabotaging its adminstration, the Presidency's charge. I made the decision to vote for Obama when I realized that the Democrats were going to take control of both legislative houses of Congress, thus giving the Dems the opportunity to effectivley run this country. Was I wrong?

Aug. 25 2011 12:38 PM

Collusion... COLLUSION!!!

This is the ONLY explanation!!!

Geithner is part of the PROBLEM!!!

God Bless the United Korporations of Amerika®!!!

Aug. 25 2011 12:38 PM
jgarbuz from Queens

I totally disagree that this economic crisis is TOTALLY the fault of the housing market collapse. That is nonsense. The reasons for our present anemic economy is:

(1) Tectonic changes in the world economy due to the collapse of Communism and socialism in the world, and the emergence of competitive, capitalist Asia; and

(2) Allowing ourselves to get into deep debt in order to live beyond our means, i.e, consume more than we produce. Buy more house and more cars than we really needed, on debt.

The burst of the housing bubble was just a symptom, just as volcanoes and earthquakes are merely symptoms of tectonic movements beneath the surface that we cannot see clearly, until it is already too late.

Aug. 25 2011 12:38 PM
MFan from Staten Island, NY

It's nice to hear confirmation of what I've suspected about the Spitzer debacle -- that the focus was put on him by those irritated by his actions. No doubt he's guilty of soliciting a prostitute, but I'd wager everything that the people who initiated this nonsense have their own gaggle of prostitutes. There are not enough people like Spitzer left anymore.

Aug. 25 2011 12:36 PM
Bob from Westchester

I am also outraged at what the banks and other Wall Street firms are getting away with (e.g., illegally foreclosing on soldiers serving in combat zones), However, keeping records of unproven investigations forever is a dangerous concept.-- would Mr. Taibbi be so enthusiastic about the NYPD keeping files on exonerated suspects, or Homeland Security doing the same on every mis-identified terror suspect?

Aug. 25 2011 12:35 PM

Blankfein hired a defense attorney because of the Department of Justice inquiry, not because of Congressional investigations.

Aug. 25 2011 12:34 PM

The pressure on Spitzer continues now with Obama and Wall Street pressure on Eric Schneiderman.

Aug. 25 2011 12:30 PM

Another thing to note here: Given the government's lust for keeping records these days — everything about all of us, the vigor in destroying these records is suspect.

Moreover, it is trivially easy to keep these records with digital techniques now available.

What plausible explanation is there for this haste to erase other than a desire to make the truth inaccessible to the people?

Aug. 25 2011 12:27 PM
VICTOR JUHASZ from From my studio

Great interview. Matt is always a great interview.

Aug. 25 2011 12:24 PM
VICTOR JUHASZ from From my studio

Great interview. Matt is always a great interview.

Aug. 25 2011 12:23 PM
Steve from Manhattan

Wasn't Joe Kennedy named the first chairman of the S.E.C. following the 1929 crash that led to the Great Depression? He was a pro at the "pump and dump" of stocks and made a millions on Wall Street with practices that were later made illegal by the S.E.C. It's little wonder the same duplicitous and unethical behavior persists there.

Aug. 25 2011 12:22 PM
N. from NJ

with respect to SEC document shredding. please discuss this in relation to privacy concerns. for example, there is a new proposed law for internet service providers to maintain all ip addresses regardless of weather a law has been broken because a potential crime may be (or have been) committed. in this SEC context do individuals, and company's which i assume are composed of people not have privacy concerns also.

Aug. 25 2011 12:22 PM

Oh, man. I worked with that "kid" Adam who apparently is now a regulator. That's frightening...

Aug. 25 2011 12:18 PM

Barack Obama has been more aggressive, more cruel in his prosecution of whistleblowers than George W. Bush ever was. Glenn Greenwald has written extensively on this.

Aug. 25 2011 12:16 PM

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