Bush SEC Holdovers Cite Executive Privilege, Refuse to Answer Questions at Madoff Hearing
David Sirota on yesterday's hearing about Bernie Madoff:
At a contentious Financial Services Committee hearing today about the failure of the Securities and Exchange Commission to prevent the Bernie Madoff scandal, the SEC's General Counsel cited executive privilege as reason that he and the SEC's enforcement branch were refusing to answer congressional inquiries. You can watch the video here - the executive privilege issue comes at about 5 minutes and 15 seconds into the clip.
As you'll see, SEC officials refuse to answer the committee's basic questions about the Madoff scandal, and the agency's acting general counsel, Andy Vollmer (a Bush holdover and maxed-out donor to John McCain's presidential campaign) explicitly cites executive privilege as his legal rationale for refusing to provide basic information to federal lawmakers.
Congress has a constitutional obligation to engage in basic fact finding, both in order to legislate reforms at the SEC and to publicly expose how our economy was destroyed by sharks like Madoff. Now, Bush holdovers at the SEC are using executive powers - powers that are now President Obama's - to prevent Democratic lawmakers from doing their job.
Executive privilege, my ass. It's time to start issuing contempt citations. If, as I would expect, such orders are defied, then start arrest proceedings. A few nights in the slam and we'd start hearing some world-class singing...
Can't believe they have the balls to do this! Time to get out the waterboard.
I should have tried that with my DUI.
Wish i had thought of that when i got caught with the blonde from accounting back in the 90s.
It's a bogus argument... there is no such thing as executive privilege...lol
bluffed people with it?
How they get away with this sh*t? And why do people actually think there is such a thing as "executive privilege"?
What does that even mean? It almost sounds like the super duper imaginary anti bullet cloak, that my brother used to pull when someone shot him with imaginary bullets when playing as kids. Of course the response was that I had a new gun with improved imaginary silver bullets, which are good for killing werewolves and super duper imaginary anti bullet cloaks....
These f g people need to GO TO JAIL.
No more bullshit. Lock 'em up and throw away the key. When do we say "enough?"
from the entire world! [Deleted-Sitemonitor]
Try reading the articles posted at www.GATA.org, read the daily dispatches,look for Ted Butlers exposeing JP Morgan,GS,Bear Sterns & there is Articles where Swiss Banks hold 19,000 accounts where the IRS has found billions of unpaid Taxes by Americans,that only 1 of thousands of off shore accounts where Wall Street & the Fat Cats & EX-Goverment hide money from the IRS. You will find out where all the 401K money went!!!
of the treasury and the people
the madoff deal didnt happen overnight...it took years
the sec was told to look the other way...why should they care
everyone of them..and their gen council, should go straight to fucking prison
When you consider that the Republicans owned the Executive Branch for 20 out of the last 28 years, there are more than just Bush holdovers entrenched in Federal agencies. The SEC is just the tip of the iceberg.
▲ ► ▼ ◄ - Thanks
Study the symptoms not the virus...
To gain perspective.
There were people in Bush's administration that had worked for Nixon for crying out loud.
Hunter S. Thompson was right: Tricky Dick for sure was a cancer...
To be fair, hold overs from 40 years ago are few and far between, most of them would be dead or retired by now. Appointees from Reagan and Bush I and Bush II still widely populate the SES (Senior Executive Service) and other high levels of the Federal bureaucracy. Many of them also have MSPB (Merit System Protection Board) rights, so they can't be simply dismissed just because Obama might want to.
Hold these assclowns in contempt of congress and boot their sorry asses out of their jobs immediately!
Jail is too good for these criminals actually. Other countries would have them before a firing line for their incompetence in permitting this financial crisis to happen and, thereby, enabling it.
In general, I'm against the concept of "rendition". However, in this case I'll make an exception. Some Eastern European shithole, maybe? Siberia? Barstow? Whatever...
Barstow! NOOOOOOO! Not Barstow! I'll talk! I'll sing!
......Eastern Slabivia! We have ways to make them talk!
Send him to Detroit.
Noooo! Not Detroit! NOT DETROIT!!!
Love that movie.
NOBODY 2012
Claiming executive privilege is such a total joke. These clowns are definitely NOT protected by any privilege and, by rule of law, must testify and provide facts. If they do not, imprison them immediately.
But do you think Obama will do anything about this? He's already plied that "we should look forward, not backward" nonsense as an excuse to let the injustices perpetrated by previous administrations go unpunished.
The SEC is one of the most painfully corrupt and/or incompetent parts of the administration. FINRA is actually worse. Who's the new head of the SEC? The former head of FINRA.
Is it any wonder that Tim "Tax Cheat #1" Geithner was given the keys to the treasury? He's as complicit as Paulson, Bernanke, and the masters of Wall Street. Every one of them should be frog-marched to Gitmo (which they should have left open for most of the previous administration's crooks).
I voted for change, but not musical chairs with the crooks all swapping places.
Obama's made some good progressive moves (shutting down Gitmo, funding stem cell research, proposing the stimulus bill and calling the Republican tax cuts the destructive, useless, deck-chair-rearranging nonsense that they are), but if I don't see something coming from these festering wounds he calls appointments soon, I'm going to have to start thinking about moving.
The new sheriff needs to start slinging some justice!
what madoff and others did over the past 8 years, didnt happen in a vaccuum
this wasnt just a mistake...it was gross negligence and more
people purposefully neglected to do their duties...lets find out why
follow the money
Sure, he's Harvard Law.
But that isn't how he got to be president.
He's a superb salesman.
I watch in awe, as everything crashes.
Later, someone will write a book on how Americans wanted and voted for change and got more of the same.
agreed,
Go to Jail. Go directly to Jail. Do not pass GO. Do not collect $200. - And Stay There Until You Learn To Sing.
I would spend more time in jail if I shoplifted food. Eff these arseholes and put them in jail for the maximum. When will our representatives sart to do their jobs fully?
One of the panelist actually stated a similar remark... Only I think it involved a can of soup and a lady?
PS. Then again you could be a lady? :-O
Study the symptoms not the virus...
Andy Vollmer is a weasel and by another name
a f#cking little c@cks#cker. what a piece of
sh*t.
If Hitler could have claimed executive privilege to get away with his high crimes, war crimes,and mass killings he would have never killed himself.
LOL
I'm going to remember that and use it in the future. Its good!!
...when they aren't part of the Executive Branch???
I would've laughed at this guy and said, you're a lawyer???
Why didn't the Democratic congressman say anything about this?
"Hey weasel...YOU DON'T HAVE ANY PRILEVEGES! YOU NEVER HAD THEM"
http://www.youtube.com/watch?v=sDfgnfIWy8U&fe...
Amended: > "I gift-wrapped and delivered the largest Ponzi (Madoff) to them,
Study the symptoms not the virus...
The entire SEC panel should have been led out of the room in handcuffs and leg irons. Throw away the key!
Remember 'Unitary Executive' theory the Bush admin liked to wield so much? Well that unitary executive is Obama now muthafuckas!!
So unless Obama is claiming executive privilege, these clowns don't have leg to stand on.
the only problem is obama will do nothing about whats already gone down. have you been paying attention?
Man, what did these guys DO that they're grasping at "executive privilege" at this point? They're either in it so deep it's worth the hail mary to avoid having to expose themselves (question: can you plead the 5th when before Congress?), they're so arrogant they figure Congress doesn't have the stones to call their bluff (and they're probably right), or maybe half the Democrats in congress are just as guilty as 90% of the Republicans so they know they won't want to rock the boat any more.
Also: Does the Republican party REALLY want to strengthen their established position that the President can do anything at all and claim executive privilege to keep Congress from poking around in it? I'm thinking they might be getting a little nervous about that right now.
Actually, wouldn't it be fun if Obama claimed executive privilege about something really preposterous to get Congress and/or the Court to address it and, likely, render all Bush's claims moot? Or, alternately, does he have the power to render all prior claims of executive privilege moot? Hasn't been done to date, so maybe not, or maybe it's just an "I don't want them prying into MY business, so I won't mess with theirs." unspoken agreement.
No matter how you cut it, sleazy, unpleasant stuff. Why does such a claim even exist in a supposedly free and open democracy?
...Incurious George writes his memoirs.
JP
http://giveusthisdayourdailtydread.blogspot.com
but compared to the fraud of the gang of banksters, he is a pip squeak.
Congress needs to open, and I mean wide open, an investigation of the credit meltdown top to bottom.
statusquObama, change you can only pretend in
Congress isn't going to do that.
It is a broken (paid-off) institution. It is bought and sold.
Obama knows the power game. He isn't going to do it either.
As my 25-year-old daughter might say, it sucks to be an American.
I knew that.
We have a predator state.
Government isn't there to protect the citizens.
It is there to protect the Corporate predators.
I don't know what came over me.
statusquObama, change you can only pretend in
This has me so furious I can't think straight.
*
I sincerely hope the President uses his executive authority to assert the veracity, or lack thereof, of their claim of privilege. This is an easy opportunity for him to show what his intentions are in terms of governmental accountability.
If they're claiming executive privilege, then the chief executive can ORDER them to comply.
Mammon.
Look at the heights of ludicrousy their pea-brains take them.
http://thinkprogress.org/2009/02/05/abc-obama...
wagers on whether they'll get away with this?
(hint)
Yes they will!
How about you ask your CURRENT executive whether he wants you to talk to congress or not??
You kids have a new boss in town, in case you did not notice...
Thanks to Bush, we have a unitary executive. For all you assholes in govt, thats Obama now.
Obama has not given up any of the powers Bush claimed he had?
Jesus H. Christ in a pickup truck!! Obama has been in the White House for two weeks and a couple days. He has not even found all the restrooms yet. He has not even had time to put knickknacks and photos on the old used furniture. Ask your question in about six months.
Delegate to Geithner and Holder. Plus if these guys are claiming executive privilege, he should be able to support it or deny it.
This is not the only group of "Bush holdovers" working against Obama's stated policy. The DEA continues its antics as well.
In fact, the senate IS trying to do their job but the crooks they are investigating are claiming the executive branch has granted them immunity from questions.
Is that a correct assessment?
I hope for the best.
And expect the worst.
I find my expectations are, most often, correct.
n/t
them at least pretend you know what your talking about. Or do you have any clues? Why should we have to try to figure out what the f your talking about.
Tom Gorman on SEC Chairman Mary Schapiro. CNBC Reports, 12-18-08
[ http://www.youtube.com/watch?v=Zy4xDl9q8PI ]
Study the symptoms not the virus...
I wonder if all the people and other entities who were ripped off by Madoff will be able to sue the SEC for not doing their job? This thing is not going to go away any time soon. We will still be into this mess ten years from now... that is if we survive, and I seriously mean that.
the Madoff victims can sue the SEC - with highly paid lawyers - while they lose their homes, reserve accounts, relative-success-friends, mobility, pride and self-respect.
"Respectfully, Senator, I decline to answer on the advice of council, under the provisions of the Fifth Amendment."
That's the reason ElBooosh didn't give any pardons. If he'd pardoned anybody, they'd be obliged to testify because, having been pardoned, they wouldn't stand in any jeopardy of incriminating themselves...
you couldn't even pay pompous ass King Abdullah to put her in his Harem.
On January 20th 2009 I had hoped that we would be seeing the end of this kind of criminality. Now I'm understanding that even after that bastard George Bush returned to Texas for the final time, he left behind criminals just like himself seeded throughout the federal government. We need repair our government, and electing Obama is only the beginning. Next we need to throw out of the federal government, any and all Bush/Cheney loyalists. Bush/Cheney loyalists are not interested in the good of the nation, or the well being of Americans. They are only interested in their loyalty to their former bosses, the neocon fear mongers, corporate America, and Wall Street. Andy Vollmer, along with other Bush/Cheney loyalist need to be duct taped to street light poles outside of employment offices, homeless shelters, hospitals, and food banks. Then duct tape a sign to these fuckers that reads, "Here is a political appointee of the Bush Administration, he is responsible for you losing your job, home, health care, and/or the ability for you to feed yourself.
is innocent. He's a good man and I love him. I just spent two hours reading all of edscan's diaries on Dialy Kos and now I know the truth!
What the hell is Andy Vollmer talking about? His argument doesn't even make logical sense, let alone have merit. The privilege he speaks of (which didn't hold up for Nixon or Clinton when they tried it) belongs to Bush, and that is just that he should be allowed to hear from his advisors in privacy (absent extenuating circumstances - like, for example, a criminal or congressional investigation - DUH!)
Regardless, Bush's perceived privileges have nothing to do with the SEC's interaction with Madoff.
I can't see the video (work computer,) but how could Vollmer even make the argument? "I can't answer that because of executive privilege"? He might as well say, "I can't answer that because of Chewbacca gelatin."
I hope Maxine Waters or Barnie Frank will disassemble this pantload.
How in the world does executive privilege apply? Does this directly suggest that the Bush administration was actively involved in the Madof scandal?
They're just buying time.
They're like those Spartans. They know they can't stop the Persians, but they can delay, kill a couple thousand, mebbe. Give their 'lives' dearly. I mean, it's what they are getting paid to do.
I gotta ask: WTF was the transition team doing? How is it there weren't acceptable nominees to replace the Booshits for political positions on hand on Jan 20?
they were too busy taking applications instead of commitments.
Easy on the hyperbole people. He was addressing the fact that the executive branch should have the right to prosecute crimes in an independent fashion without the legislative branch conducting real time "monitoring" of their actions.
It is an executive privilege of sorts in that they should be left alone to prosecute their case, but it should not be confused with the privilege to not answer to the Congress at all.
It is fun to rip on the GOP and the Bush leftovers, but this type of instant, thoughtless and non-contextual criticisms of the right is just as unhelpful and pissy partisan as the Hannitys of the world.
Like I said I can't see the video - is there a transcript available?
So, is there precedent for legislative oversight concurrent with an investigation? Is there an investigation of the SEC? Or is the SEC acting on behalf of the DOJ? I didn't think the SEC was involved with the prosecution of Madoff at all. I thought that's why Congress was looking at them.
Wow! These people are guilty as sin about something. Get out the wooden spoon somebody and end it. This has to happen though and Kudos to the one asking the questions!!
"Government by organized money is just as dangerous as Government by organized mob"
-= Franklin Delano Roosevelt =-
Starting to slowly open.
Why is he not in a cell? Madoff, the judge and his enablers/henchmen should all be in jail. Bernie ripped people off, robbed them of their livelihoods. If I were to take someone else's money without permission, I would be in court, then in prison. What the fuck makes him different?
NOBODY 2012
Again, easy on the hyperbole.
If you stole something and were arrested a month ago, absent a criminal record, you would be sitting on your couch at this moment. Criminal trials take a long time, and one as large and involved as this one is obviously more labor intensive than your petty theft scenario.
He is a wealthy man who posted bond is and now awaiting trial. This is an unpopular thing, but is not the uncommon thing that you make it out to be.
The government is no longer there to protect the citizens.
It is there to protect the predators.
The SEC was intended as a watchdog agency.
Now its officials claim executive privilege from answering questions from a duly constituted entity.
The Congress!
Mind you, the Congress itself is part of the predator state.
statusquObama, change you can only pretend in
I thought there were laws in this country.
NOBODY 2012
that the world is hungry for news but all I feel here is Justice pangs.
This can only imply one thing. Whatever happened, Bush was in on it.
Let's see how far to the right they go before they fall off of the edge of this flat world.
I hate Bush as much as anyone and want to see him in jail either here or in Europe (or even better somewhere in the Middle East). But I hate this kind of reasoning. I see it in the Truth Movement literature all the time. THIS CAN ONLY MEAN THAT... Actually, no it can mean a lot of things. Like people are trying to cover their ass, save their jobs, save their reputation, stay out of jail, or maybe Bush was in on it.
In this case, surely if there were extenuating circumstances involved this man would not invoke executive privilege and refuse to answer questions.
No doubt there can be exceptions; however, the use of executive privilege has come to mean ONLY one thing these days - guilt!
"surely if there were extenuating circumstances involved this man would not invoke executive privilege" He is invoking executive privilege because he doesn't want to answer questions. There could be any number of reasons that he doesn't want to answer questions and uses executive privilege as the excuse, for example:
1) He is criminally liable (although Bush had no idea what was going on) and doesn't want to invoke the 5th because doing so will make him look guilty
2) He is a partisan hack who was raising horses before he became head of SEC and was totally incompetent and doesn't want people to know that
3) He was having an illicit gay love affair with Madoff and doesn't want that to be known
4) He is trying to protect Bush from criminal liability
5) ...
I'm not claiming any of those are more possible than the other my point is that you can't just take one fact and immediately jump to the conclusion you want to believe in.
I'm not making any leaps. I'm pointing out a hole in their arguement. They are the ones making the connection to Bush. One of the things it certainly can mean is that Bush knew about this. Otherwise their claim of Executive Privilege is meaningless. The "concept" of EP is so the Executive can get advice on sensitive matters. The Privilege not to talk about it therefore had to come from the Executive which means he had to know about it.
Let's see how far to the right they go before they fall off of the edge of this flat world.
Agreed - Bush was totally in on this economic collapse and did his level best to bring it about.
The only thing he couldn't predict accurately was the "timing". It backfired and showed up during his watch - something which he failed to predict.
Bush is at the bottom of just about everything that's wrong with this country. Unless/until Eric Holder bring about investigations to bring Bush to justice, nothing will change and americans will not regain a sense of trust in their own government.
...and he managed with the first traunch to pay off all of his loyalist fat cat fascists on Wall Street before exiting stage reich!
Partial Executive Immunity, heh. Okay then 'will give you partial immunity, just answer the questions we are asking, in full and with follow-up and we will grant you immunity on everything else that is proven to be unrelated in any way...
Bitch..
Andy Vollmer needs to be booted from his position with the SEC immediately and held in contempt of congress with his ass slapped in prison until he decides to provide critical facts to the american people.
The american people pay this jackass's salary and we have the power to fire him.
This is criminal and this man needs to be hauled into prison for claiming executive privilege when Obama is the ONLY one who can grant it. He surely hasn't granted it to this uncooperative fraud.
Let's begin a petition today asking for Andy Vollmer to be issued a contempt citation; placed in jail if he doesn't cooperate with Congress and then fired immediately.
The people of this country deserve better than someone at the bottom of this putrid economic mess which he "aided and abetted" in creating in the first place - and now refuses to discuss because it will surely indict him if the truth is known.
When the framers of the Constitution considered the aspect of "executive privilege", they made clear the fact that it was never to be used to exonerate or provide "cover" for a perpetrator of a crime in the highest offices of this country.
Bush has done it; now Rove is using it to defraud the people; now Andy Vollmer uses it.
Vollmer is as complicit as hell in the horrendous economic crisis which threatens the future of this country. His abuse of executive privilege to hide his culpability only serves to convince us of his need to cover his wrongdoing....or why use executive privilege in this case?
The use of executive privilege by Vollmer clearly constitutes and proves this man's culpability.
We can now add to our dictionary of synonyms under "executive privilege" = guilty as hell.
Bush and his criminals know d... well by now , that the democrats are all bark and no bite..
Pelosi , Reid , Conyers , Waxman and others just run off the mouth and when it comes time to put their/our money where their mouth has been they shut the h... up...
Don't know why the democrats keep electing republican and spineless people like Pelosi , Reid , Feinstein , Schumer and especially the blue dogs republicans democrat policy killers...
None
Pelosi and Reid are abominations and totally ineffective, impotent congressional leaders. That's part of what's wrong with Congress; the other is the lockstep fascists on the reichwing who are nothing but obstructionists (that is, unless it was during their 6 year reign of terror when they approved the largest budget deficit EVER in the history of this country). Where were their sensibilities then? They're all liars and crooks.
As for the "why" of Reid and Pelosi (and maybe Waxman's) bark-no-bite attitude, it's called Bush blackmail. During his warrantless wiretapping spreee, whistleblowers are talking now about how the primary targets of the wiretaps were political opponents. When any of them have opposed him, he would wave the lurid facts over their heads.
Most of Congress have been compromised by blackmail at this point.
Whats going on here? We are only to look forward and not dwell on the past. Bullshit.
The corruption and lawlessness was so massive under Bush and Cheney that it's going to take a while but I don't think this crap is going to fly much longer or that they will get away with it . It's so out of hand and outrageous that Obama , the Democratic Congress and Senate and the new attorney general are going to HAVE TO clean house and reestablish law , order and sanity . They have to go after these A holes and that includes Rove and company . Won't be surprised if members of the SEC end up in prison and not just for claiming exec privilege . More and more is going to be revealed . I think in the end there are going to be people paying and going to jail , if the country is ever to recover and if we are to survive , justice has to be reestablished and served , no two ways about it . It appears that Obama has just about had it with the Republicans and trying to work with them as if they are rational ,decent human beings , he can't bring about justice and pacify the corrupt and the rotten at the same time .
Insanity , it is what it is , there is no understanding it .
Snip - was created by Executive Order 12631, signed on March 18, 1988 by United States President Ronald Reagan.
The Group was established explicitly in response to events in the financial markets surrounding October 19, 1987 ("Black Monday")
As established by Executive Order 12631, the Working Group consists of:
* The Secretary of the Treasury, or his designee (as Chairman of the Working Group);
* The Chairman of the Board of Governors of the Federal Reserve System, or his designee;
* The Chairman of the Securities and Exchange Commission, or his designee; and
* The Chairman of the Commodity Futures Trading Commission, or her designee.
[ http://en.wikipedia.org/wiki/Plunge_Protectio... ]
Study the symptoms not the virus...
They have to stonewall. If it comes out they knew about Madoff and gave him a pass it just highlights that whole Bush administration was nothing but organized crime at the highest levels intent on sucking the country dry. With great success. Obviously why Bush thinks history will be kind to him when the children of the rich who survive Depression II rewrite the history books.
Let's see, isn't the executive President Obama? I don't recall him giving these guys executive privilege.
Leave it to an old cranky New Yorker to berate these clowns and treat them like a bunch of mis-behaving 4th graders...We need more reps like Ackerman to tell it like it is and to completely cut them off when they don't answer the questions.
If you consider carefully what we witnessed you could argue that Thomsen and Vollmer lied to Congress. They claimed they could not discuss what failed at the SEC because of an open case in NY City. That being a case against Madoff. Problem is, that has nothing to do with what Congress asked.
The SEC does not investigate itself the OIG does. Similarly, what went wrong in their investigation has nothing to do with a case against Madoff. Finally, the case for which Congress was addressing was with regards to a case that was opened in 2006 and CLOSED. Not the Case that the SEC opened in 2008 as they have not screwed that one up yet. A closed case is open for public viewing under the FOIA.
As the Congress sat & grandstand themselfs to the world to see as careing about what happen to let Madoff do his 50billion rip off game,they seem to care more that they could get as much attention from the media than getting the real truth of the failures by the SEC over many years! Obama has rewarded members of the SEC to a higher post(bigger Paychecks)& moved some as advisors to his ecinomic team. The same people that for over the last 30 years have come out of collage to work for the SEC, then to work at one of Wall Streets Banks! By the time they got to Wall Street,they knew how to manipulate & create new ways of scamming the system. They are the problem & will only keep the same scams alive & well!
There is hope,groups like www.GATA.org & a person that has been trying for years to stop the I-Banks, like Goldmans,JP Morgan,Bear Sterns(all agents of the Federal Reserve)from Price Fixing in the Oil,Gold & Silver Markets! Ted Butler has gave the CFTC proof of such wrong doings,but just like the SEC,the CFTC only has turned a blind eye as Traders were Robbed of Billions daily,trading in the commoditity Markets. Like these folks at the SEC,the CFTC are protecting the Federal Reserve & its Agents! The markets have not been free for years,TARP & this Pelosi & Reids Stimulus Bill is no more than a Scam,to Socialize this Nation,untill all wealth is in the hands of the Federal Reserve & its Agents(Rockerfellows,Rothschilds & other owners of Central Banks World Wide). That why these SEC people will not talk,they are in the loop!
I have to wonder why the United States has not yet put these fascist traitors in prison. It used to be that crimes against the US in support of our enemies was a crime. Now these insane Christian teraitors are left free to walk among us and continue their treason.
We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government
Comments are closed on this entry