WASHINGTON -- If a company's financial reporting were so bad that its auditor had pointed out significant weaknesses in its accounting for seven years running, the Securities and Exchange Commission would most likely be all over it.
But what if the company were the S.E.C. itself?
Since the commission began producing audited statements in 2004, the Government Accountability Office has faulted its reporting almost every year. Last November, the G.A.O. said that the commission's books were in such disarray that it had failed at some of the agency's most fundamental tasks: accurately tracking income from fines, filing fees and the return of ill-gotten profits.
"A reasonable possibility exists that a material misstatement of S.E.C.'s financial statements would not be prevented, or detected and corrected on a timely basis," the auditor concluded.
The auditor did not accuse the S.E.C. of cooking its books, and the mistakes were corrected before its latest financial statements were completed. But the fact that basic accounting continually bedevils the agency responsible for guaranteeing the soundness of American financial markets could prove especially awkward just as the S.E.C. is saying it desperately needs money to increase its regulatory power. More stomach turning idiocy at link. As Instapundit puts it on his blog, "We're running up record deficits for this? The country's in the very best of hands."
When Judge Martin Feldman ordered the federal government to end its moratorium on deep-sea drilling, he actually meant it. In a ruling earlier today, the federal judge in New Orleans has held the Obama administration in contempt for its "defiance" in reimposing the moratorium through other means:
The Obama Administration acted in contempt by continuing its deepwater drilling moratorium after the policy was struck down, a New Orleans judge ruled.
Interior Department regulators acted with "determined disregard" by lifting and reinstituting a series of policy changes that restricted offshore drilling, following the worst offshore oil spill in U.S. history, U.S. District Judge, Martin Feldman of New Orleans ruled yesterday.
"Each step the government took following the court's imposition of a preliminary injunction showcases its defiance," Feldman said in the ruling.
"Such dismissive conduct, viewed in tandem with the re- imposition of a second blanket and substantively identical moratorium, and in light of the national importance of this case, provide this court with clear and convincing evidence of the government's contempt," Feldman said.
...and at the end.
What legal impact does a contempt ruling have on an administration? Not much, although a failure to comply with court orders could eventually lead to removing Ken Salazar from his post at Interior, if Congress gets fed up enough with it. It will likely have a great deal more political impact, though -- and certainly will provide House Oversight chair Darrell Issa with a new issue to investigate. You know, if a federal court held me in contempt, my ass would be headed to prison. Yet, laws are for the common man apparently. Just remember Bambi, we overthrew a king once in our history already.
New Mexico Governor Susana Martinez has signed an executive order rescinding New Mexico's illegal alien sanctuary status and has directed police to inquire about legal status when making arrests. The executive order does however prohibit law enforcement officers from inquiring about the legal status of crime victims.
"This order takes the handcuffs off of New Mexico's law enforcement officers in their mission to keep our communities safe," said Governor Martinez. "The criminal justice system should have the authority to determine the immigration status of all criminals, regardless of race or ethnicity, and report illegal immigrants who commit crimes to federal authorities. Meanwhile, it is important that we safeguard the ability of victims and witnesses to report crimes to law enforcement officers without fear of repercussion."
This executive order reverses a previous executive order put into place by former Democrat Governor Bill Richardson that allowed for illegal aliens to live in the state without consequences for breaking the law by entering the country illegally.
#5
Yes, there's a rolling electric power blackout out in Texas effecting energy delivery [pumping stations] in New Mexico. And we haven't even started plugging in all those 'green' electric cars yet.
Virginia's attorney general has asked the Supreme Court to fast-track his state's legal challenge to the federal health care overhaul, saying state governments and businesses deserve to know the fate of the law as soon as possible.
The unusual request comes three days after a Florida judge struck down the law over concerns about its requirement that people buy health insurance. A Virginia judge had earlier ruled that the so-called individual mandate was unconstitutional, though that judge did not invalidate the entire law.
The Department of Justice is appealing both rulings to the federal appeals courts. But Virginia Attorney General Ken Cuccinelli says he thinks the legal dispute has become so important that the Supreme Court should take it up immediately.
"This is an extraordinary remedy, but it is a case that fits their qualifications," he told Fox News on Thursday. "They absolutely have the authority to do this." I am thinking the feds will draw this out as long as possible to hope for a SC vacancy so Bambi can push in another liberal judge. Nothing good happens for Bambi if the SC gets the case before the 2012 election.
Last month, the Obama EPA began enforcing new rules regulating the greenhouse gas emissions from any new or expanded power plants.
This week, the EPA issued its first exemption, Environment & Energy News reports:
The Obama administration will spare a stalled power plant project in California from the newest federal limits on greenhouse gases and conventional air pollution, U.S. EPA says in a new court filing that marks a policy shift in the face of industry groups and Republicans accusing the agency of holding up construction of large industrial facilities. According to a declaration by air chief Gina McCarthy, officials reviewed EPA policies and decided it was appropriate to "grandfather" projects such as the Avenal Power Center, a proposed 600-megawatt power plant in the San Joaquin Valley, so they are exempted from rules such as new air quality standards for smog-forming nitrogen dioxide (NO2).
There's something interesting about the Avenal Power Center:
Maybe GE CEO Jeff Immelt's closeness to President Obama, and his broad support for Obama's agenda, had nothing to do with this exemption. But we have no way of knowing that, and given the administration's record of regularly misleading Americans regarding lobbyists, frankly, I wouldn't trust the White House if they told me there was no connection.
On the upside, at least Job Czar Immelt is creating jobs!
#2
Rush used to run a gag commercial that called her "Carol Mosley Brontosaurus."
Posted by: Mike ||
02/03/2011 10:40 Comments ||
Top||
#3
I thought Rahm Emanuel didn't have a snowball's chance in hell; however he is looking like he could win against the field of other candidates such as Carol Mosely Braun. Chicago has its problems--it doesn't look like they will go away soon.
Holly Petraeus, the U.S. federal government's new military liaison, Tuesday sent a letter to more than two dozen banks, demanding they review their practices to ensure compliance with laws meant to protect military families from foreclosures.
J.P. Morgan Chase overcharged more than 4,000 military personnel in active service and took the homes of 14, possibly violating a law that caps interest rates and stops foreclosures. A U.S. Marine Corps captain had filed a lawsuit alleging that he was overcharged by Chase. In January, after conducting an internal audit, Chase admitted it had wrongly foreclosed on military families and overcharged thousands for mortgages. This crap has been going on far too long. Instead of 'urging' how about some INDICTMENTS? Someone wake up the Attorney General from his drug-induced coma, or replace that ZOMBIE with someone who will act to ENFORCE the laws of this country.
#3
Instead of 'urging' how about some INDICTMENTS?
Maybe because the Act only allows for civil penalties not criminal. The same bankers that got their reelection sock puppets to pass them a bailout also made sure that sock puppets put the onus and cost upon the servicemember who generally lack the financial means to seek redress. The quickest way to remedy this farce is to have Congress declare servicemember to have 'protected group' standing in the judicial system, which would then allow an AG to go after the banks for 'patterns' of behavior like this on the criminal side of the law.
#4
Holly Petraeus seems to have found herself a worthwhile mission. I hope she continues to pursue it with great zeal.
But I can't help thinking that service members aren't the only ones being victimized and wondering how this all relates to good old Bawney Fwank, Fannie Mae and Freddie Mac.
#5
I can't help thinking that service members aren't the only ones being victimized and wondering how this all relates to good old Bawney Fwank, Fannie Mae and Freddie Mac. It's part and parcel of the Greatest Theft in World History.
#6
the Act only allows for civil penalties not criminal. Then let Congress amend the Act & provide criminal penalties for financial institutions & their minions who carry this out. Much of our current financial disaster is due to the wink-wink, nudge-nudge treatment of banksters by the Executive & Legislative branches of government.
#7
Meanwhile, back at the ranch, the Executive Branch is firmly acting to protect truth, justice and the American Way of Rent-Seeking: (Reuters, 2 Feb 2011) DOJ, ICE and DHS act together to seize sports piracy websites before Super Bowl.
Please note they are NOT acting against financial outlaws stealing billions, millions of illegal immigrants or really carrying out appropriate measures to keep terrorists out of this country. Priorities, men, got to ensure that campaign contributors get what they paid for. This is disgusting.
#10
Exactly, Anguper. Most government employees do not have to put their lives on the line. Most government employees can quit and go home if need be.
Military people cannot quit, and many of them put their lives on the line every day.
Posted by: Rambler in Virginia ||
02/03/2011 18:55 Comments ||
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#11
non-security government employees shouldn't receive ANY preferences. I have no issues with private entities giving preference for military and security workers, as long as those are publicly transparent and not hidden bribes (see: Mexico) - many times, developers of communities have given preferences to cops and firefighters to encourage a sense of security, increasing sales to others.
Posted by: Frank G ||
02/03/2011 19:18 Comments ||
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#12
On the other hand, the private financial & real estate industries get all the preferences they demand, and more.
#13
I'm against special privileges for government employees especially involving private entities.
Considering the way your country is making a joke of your own military, maybe that's a good thing. Can't have the troops cadging reduced-price food, kit, and bullets now, can we?
#14
dullstones, the privileges extended to service members in the US is commensurate with the degree of commitment (total), freedoms sacrificed (basic liberty, speech, movement, actions, behaviors, and parts of the pursuit of happiness), risk taken on (their very lives), and importance of the work they do (the most vital protectors of the nation), as well as the price they pay in conduct of those duties.
Until you have shouldered a rifle, been lead, or (harder yet) lead men under hostile fire, or had to deal with those who have done so (sometimes a harder job, Pappy's guys deal with that and its difficult), you have forfeited your right to speak meaningfully on this topic in that manner.
A multi-volume chronology and reference guide set detailing three years of the Mexican Drug War between 2010 and 2012.
Rantburg.com and borderlandbeat.com correspondent and author Chris Covert presents his first non-fiction work detailing
the drug and gang related violence in Mexico.
Chris gives us Mexican press dispatches of drug and gang war violence
over three years, presented in a multi volume set intended to chronicle the death, violence and mayhem which has
dominated Mexico for six years.
Rantburg was assembled from recycled algorithms in the United States of America. No
trees were destroyed in the production of this weblog. We did hurt some, though. Sorry.
WASHINGTON -- If a company's financial reporting were so bad that its auditor had pointed out significant weaknesses in its accounting for seven years running, the Securities and Exchange Commission would most likely be all over it. 
When Judge Martin Feldman ordered the federal government to end its moratorium on deep-sea drilling, he actually meant it. In a ruling earlier today, the federal judge in New Orleans has held the Obama administration in contempt for its "defiance" in reimposing the moratorium through other means:
Here's a story the mainstream media missed.
Virginia's attorney general has asked the Supreme Court to fast-track his state's legal challenge to the federal health care overhaul, saying state governments and businesses deserve to know the fate of the law as soon as possible. 
Last month, the Obama EPA began enforcing new rules regulating the greenhouse gas emissions from any new or expanded power plants.
