Rotten in SEC

ABC news has been revealing some disturbing allegations the past two days. Yesterday, ABC reported that some Countrywide executives are buying up foreclosed property on loans they generated that were untenable so-called sub prime to begin with for pennies on a dollar. That no regulatory mechanism is preventing this is scandalous. The story today that was broken by Brian Ross chronicled how the regulator responsible for IndyMac bank knew of the books being "cooked" and permitted, according to Ross, even expedited it. This bureaucrat was tied to the Keating scandal years ago, yet remained in government according to the ABC report. Whether the Securities and Exchange overseers were negligent or corrupt (perhaps receiving bribes, kickbacks, or a stake in the foreclosed properties themselves) is open to speculation and should be thoroughly investigated.