Monday, December 15, 2008

The Gray Myopia of Narrow, Dull Minds

The functionaries hot on the Lampoon Case are probably very proud of themselves. They probably dotted every "i" and crossed every "t" on the forms and computer spreadsheets. Their bosses will congratulate themselves on a big win for the SEC. They'll ride the Metro home, chests puffed out in pride.

SEC sues National Lampoon for stock manipulation
WASHINGTON (Reuters) - National Lampoon Inc.,the humor company that purchased the brand name of the producer of "Animal House" and other hit movies, got some unfunny news on Monday, when federal regulators charged it with participating in a wide-ranging stock manipulation scheme.

Representatives of National Lampoon, a Los Angeles provider of comedy films, books and online content, were not immediately available for comment.

The U.S. Securities and Exchange Commission said Daniel Laikin, National Lampoon's chief executive, and a company consultant paid kickbacks of about $68,000 for the purchase of National Lampoon stock in order to inflate the stock price...

SEC Enforcement Dude: Nabbed ourselves some scumbags on a $68,000 scam! Yeah baby! Mojitos on me down at Chilis!

SEC Enforcement Dudette: Oh Chip, you are the Man!

And Bernie Madlow bilked charities, widows, and close friends out of billions. SEC enforcement didn't even have a freaking clue.

Shock waves spread from Madoff scandal
By Martha Graybow and Douwe Miedema
NEW YORK/LONDON (Reuters) - Shock waves from Bernard Madoff's alleged fraud spread globally on Monday, as charities, wealthy individuals and banks disclosed losses from the prominent Wall Street trader's investment management business.

Britain's HSBC Holdings Plc was the latest bank to join the growing list, saying it had exposure of around $1 billion, making it one of the biggest victims of the alleged $50 billion fraud...

The stunning juxtaposition of these cases says much about modern governance in the U.S. Hyperactive attention to detail and execution on cases that, in the big scheme of things, are of little import. Blind inattention and dereliction of duty when the stakes are huge.


No comments: