(Expanded version initiated from http://republicbroadcasting.org/?p=9932)

It turns out that a little-noticed provision of the new 2300 page Financial Reform Bill exempts the Securities and Exchange Commission from virtually all requests for information by the public, including those filed under the Freedom of Information Act.

Not that the SEC was doing much good anyway. Everyone remember how hard they got hammered by Congress this past year over lack of oversight on a multitude of issues including Bernie Madoff???



Quote from Rep. Gary Ackerman D-NY in the above video: "Why didn't you find him?... (You people) are completely inept"

So now they get a pass? Say one thing, do another it seems.

But now the SEC’s incompetence and the nefarious actions of those they are investigating will be hidden from public view, therefore without public scrutiny or recourse. Being the watchdog, regulator and enforcer of public financial law, why would you eliminate the only check & balance available to the public citizenry?

"The enforcement authority given by Congress allows the SEC to bring civil enforcement actions against individuals or companies alleged to have committed accounting fraud, provided false information, or engaged in insider trading or other violations of the securities law. The SEC also works with criminal law enforcement agencies to prosecute individuals and companies alike for offenses which include a criminal violation."

So what makes the SEC so special that they get to block the public from seeing their records while other government agencies still have to comply with FOIA? What makes the criminals they investigate (or fail to investigate) so special as to avoid public scrutiny? Are we now going to hide the FBI criminal database or the sexual predator list?

Perhaps this may give some clue:

Freedom of Information Act request to the SEC for information regarding the individual or agency placing the massive bet against American and United Airlines in the week proceeding 9/11(which was a "drastic anomaly" - 25 times normal volume) -- the mailed response from the SEC states this information had been destroyed, therefore is no longer available. (When was it that the destruction of government documents became legal? Especially those implicated in an investigation - a la the 911 commission?) However, the airlines themselves keep stock option logs dating back years. The firm implicated in the massive bets against these airlines: Alex Brown.

"Alex. Brown & Sons was the first investment bank in the United States, founded by Alexander Brown in 1800 and based in Baltimore, Maryland. The firm was acquired by Bankers Trust in 1997 to form BT Alex. Brown and ultimately integrated into Deutsche Bank following its acquisition in 1999."

Alex Brown had been run for decades by Alvin "Buzzy" Krongard - the executive director of the CIA, appointed by George Tenet March, 2001. (Important question to ponder: How, precisely, does a banker qualify for the Executive Director of the CIA job?)

The Executive Director is the third ranking position within the CIA and the incumbent functions essentially as the Chief Operating Officer of the Agency. For three years prior, Krongard had served as Counselor to the DCI (Director of Central Intelligence).

A longtime consultant to DCIs, Krongard joined the Agency full time in February 1998, following a 29-year business career. During his private sector career, he served as Chief Executive Officer and Chairman of the Board of Alex. Brown & Sons, the nation’s oldest investment banking firm, and Vice Chairman of the Board of Bankers Trust. (Wow, being CEO of Alex Brown must be some job if it allows for the necessary connections to enable a future career in the top ranks of the CIA).

Krongard resigned from the CIA shortly after the arrival of DCI Porter Goss in September 2004. While at the CIA, he was the connection between Erik Prince of Blackwater Security Consulting and the CIA. Through his influence, Blackwater was able to receive its first black contract.

At a November 14, 2007 House oversight committee hearing about Blackwater, investigating allegations of improper interference by Krongard's brother, Howard, in Justice Department investigations of Blackwater and other State Department contractors, Chairman Henry Waxman stated that A. B. Krongard was on "Blackwater's advisory board".[7] Howard Krongard at first denied that his brother had any connection with Blackwater, saying:

I can tell you, very frankly, I am not aware of any financial interest or position he has with respect to Blackwater. When these ugly rumors started recently, I specifically asked him. I do not believe it is true that he is a member of the advisory board that you stated. And that's something I think I need to say.[8]

However, when confronted with a July 26 letter from Blackwater founder and CEO Erik Prince to Buzzy Krongard asking him to join Blackwater's advisory board, followed by a September 5 letter welcoming Krongard to the board and a report from Rep. Elijah Cummings stating that Buzz Krongard had been expected to attend a Blackwater board meeting earlier that week[8], Krongard said he had called his brother during the ensuing break in the hearings and learned of this conflict of interest for the first time, saying "I'm not my brother's keeper, and we don't discuss our business with each other".[9] He then recused himself from the investigation.[9],[8] ,[10] Committee chairman Henry Waxman issued a memorandum [11] summarizing the discrepancies between the two brothers' recollections of what Buzzy told Howard."

Boy this guy sure appears to have dirty fingers!

Where is all of this going? What's the point? Why exempt the SEC from Freedom of Information Act requests? Perhaps we should put this under a less clouded microscope... drum roll please:
the Bin Laden trades, insider trading of 911: