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Ex-SEC Investigator: The SEC Is Covering for Mass Theft
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December 23, 2008 (LPAC) --SEC Whistleblower Gary Aguirre, who was fired in 2005 when he tried to pursue a case of fraud by Morgan Stanley, their CEO John Mack, and one of their hedge funds, told the website Truthout.org that the SEC was fully complicit in the Madoff $50 billion Ponzi scheme, as part of its policy of leaving the big boys alone so they could get positions at their law firms later on--which is exactly what happened with the guy who fired him in 2005. Madoff, Aguirre said, is just one of many such cases which will be discovered as the financial bubble collapses.

"Madoff was an investment adviser," Aguirre said, "which means the SEC had regulatory authority over him.... We know that there were repeated complaints to the SEC over a period of nine years. The SEC was told Madoff was operating a Ponzi scheme. So, it is stunning that the SEC failed to investigate those allegations and uncover the fraud. It's a new low for the SEC."

Lyndon LaRouche concurred: "We must presume there is fraud involved," commented LaRouche. They were stealing money while they could -- they had the power, and they had the President, whom some say is just a crook, while others that he's insane."

Former SEC investigator Aguirre continued: "I believe there are other Madoffs out there. I don't think that the banks are finished collapsing and imploding, and I think we will also see more evidence of market abuse and insider trading. The way it works is when markets are going up, none of this comes to light. But when you have the markets begin to go into free fall and people begin losing money, it becomes hard to conceal the fraud. That's what happened in Madoff's case.

In 1929, when the market crashed and the Senate Banking Committee surveyed the rubble, they discovered all kinds of fraud by Wall Street elite. I'm not sure that all of the dirt has come to light at this point. I think one reason for that is because Paulson, a representative of Wall Street, has been pumping money into the system.... That may help conceal the extent of the fraud. It is when the veneer is completely stripped away; that's when you discover the fraud. To the extent that we are pouring trillions into the capital markets, we may delay, postpone or even prevent the full extent of the fraud from surfacing. But I think it is out there and I don't think the downward cycle has ended yet. As long as it continues, we'll discover more."

A former top Senate and United Nations investigator, in discussion with EIR today, made the same essential point as Aguirre, emphasizing the need for a thorough Congressional probe into the massive Wall Street and especially offshore financial corruption. He emphasized that in the 1930s, the Pecora Commission (the U.S. Senate investigative body) put a massive public spotlight on top Wall Street fraudsters, beginning with "Jack'' Morgan and the top management of Goldman Sachs, and this gave FDR further leverage to act.

Source >  LaRousche | dec 23

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