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Video: The Federal Eye on the SEC porn bust

By Ed O'Keefe

Visit msnbc.com for breaking news, world news, and news about the economy

The Federal Eye joined MSNBC's Alex Witt on Friday afternoon to discuss the SEC's pornography investigation and the timing of the release.

Leave your thoughts in the comments section below

By Ed O'Keefe  | April 24, 2010; 9:55 AM ET
Categories:  Agencies and Departments, Video Report  
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Comments


Again, another reason for the Obama administration to clean house of the George Bush employees who are doing nothing more than sabotaging his policies and work.

Posted by: pkbishop1 | April 24, 2010 11:11 AM | Report abuse

Hey,

If Inspector General David Kotz claims this was a 2.5 year investigation ? ACTUALLY starting 5 years ago ?

How long does it take IT to send up a log of what sites were visited to porn sites ?

I'd argue Kotz SAYS PUBLICLY - he KNEW ABOUT this for 2 and a half years...

And HE - "HE" didn't do ANYTHING ABOUT IT.

This is suggestive that Kotz, the Inspector General LET THIS HAPPEN - he DID SAY he's KNOWN ABOUT IT FOR TWO AND A HALF YEARS. And that the investigation started 5 years ago.

This shows to me - Kotz - THE INSPECTOR GENERAL LET THIS HAPPEN - PROBABLY PAID BY GOLDMAN !

Tim Miltz

Posted by: RedMercury | April 24, 2010 12:14 PM | Report abuse

I ALSO see Kotz - Inspector General used to work at the law firm of Pepper Hamilton - JUST DAYS after Kotz was hired as SEC Inspector General ? Pepper Hamilton was INVOLVED WITH A PONZI SCHEME with another company REPACKAGING STUDENT LOANS AS HIGH AS 15%.

http://blogs.wsj.com/law/2007/01/18/pepper-hamilton-caught-up-in-ponzi-scheme-lawsuits/tab/article/

WELL WELL NOW

Looks like Kotz has been a KEY PART IN LETTING US ALL GET ROBBED.

I'd like to see some more investigation into Kotz.
I smelled something when I was watching Fox for entertainment value- plus I like to see how Fox distorts things - it usually reveals what their intent is, and I see Fox was playing it up as if "And this went on for 2 and a half years" Being in IT I thought, Gee, WHAT company would TAKE TWO AND A HALF YEARS to realize the web records ? ESPECIALLY WITH AN ONGOING INVESTIGATION.

NO company

ANY corporation would have an IT team - even WITHOUT an investigation and know in HOURS an employee was surfing for porn - and HR would contact them the NEXT DAY

TWO and a HALF YEARS ? Kotz KNEW THIS WAS GOING ON ? As INSPECTOR GENERAL ? and did NOTHING ?

That's not a serious crime people - viewing crime - but KNOWING SEC people are doing it for 2.5 years ? and doing NOTHING ? I'd say IS A CRIME. He LET THE SEC GO DOWN THIS ROAD for TWO AND A HALF YEARS.

My money is that Kotz has been paid off, and was ENCOURAGED to keep the SEC 'busy' with USELESS ACTIVITIES while we were ALL ROBBED BLIND.

This is on Kotz's head - and I hope it backfires on him and he's FIRED in DAYS - not YEARS.

I hope someone in congress reads this, I don't bother emailing anyone anymore - no one writes back.

Tim Miltz

Posted by: RedMercury | April 24, 2010 12:28 PM | Report abuse

I can just see it over at Goldman some old guy explaining it to a new guy when the new guy says - but won't the SEC be following ? or Perhaps Madoff:

"Don't worry, we got Kotz over there"

I do NOT DOUBT IT.

Tim Miltz

HEY SEC - KOTZ INCLUDED - wow - you took my advice- you REALLY DID Go F yourselves.

Posted by: RedMercury | April 24, 2010 12:31 PM | Report abuse

Wondering what kind of IT security system did SEC have in place? It is amazing that people would actually do this kind of searching at a federal government job. Where did these people come from? I have worked for the federal government for years and I go to yahoo or aol websites I get a nice little message saying this site is not approved and access denied. And another thing many of these folks were making up to $200,000 per yr which translate in my mind you can afford to setup your own freaky space, room, house whateva to do this on your own free time not on the governments dime.

And for a person to spend 8 hrs or more per day at work doing this says to me this person has an addiction and needs help. Total disrespect for the government and its rules and regulations. They all should be fired and see how they like looking for a job with those offenses riding on their backs.

Posted by: msruby36 | April 24, 2010 2:33 PM | Report abuse

WELL put MS Ruby -

I like to laugh that it was Fox News who in their attempts to USE this rouge to cover up the Goldman SEC issue- with SEC Porn surfing ?

that when they said - A 2.5 year investigation ?

NEARLY 1000 days ? to DISCOVER ? Kotz JUST DISCOVERED ? or DECIDED TO ACT? 1000 days later ? that's criminal considering he CLEARLY knew- for the investigation started 2.5 years ago - to let it go that long.

ANY corporation would have this CAUGHT in ONE DAY - and the NEXT? HR would be disciplining OR firing the employee.

PERIOD.

1000 days to ACT? on porn surfing ? employees F'ing themselves ?

Gee- no wonder Madoff went on so long

Same with Goldman

I did some research today on Kotz -

Seems he came out of Pepper Hamilton law firm - he was put in by bush in December 2007- and in Jan 2007- Pepper Hamilton was involved in a ponzi scheme regarding bundling student loans into products at 15% interest.

I dug a bit deeper -and found - go figure - remember that BIZARRE clause in the Patriot Act that out of NOWHERE said "And no retro action lawsuits can be filed for liability against Eli Lilly for Zypraxa " ?

I do - it's there- TURNS OUT ? Guess what law firm 'accidentally' leaked the Zypraxa information ? Pepper Hamilton - NOW - they leaked it FIRST - it WAS going to COST ELI LILLY BILLIONS in liability ?

BUT - ELI LILLY SETTLED for the parents who bought into giving their children this new 'anti-psychotic' ALSO I will note the VERY SAME drug that Harvard Psychiatrist was found guilty of promoting taking over 1 MILLION in funds BY ELI LILLY ? for 670 Million in the end - FAR FAR less- THANKS to Patriot...

Thanks to those pesky strangers in the caves of Afghanistan - or wait- at that time - it was Iraq ! US Pharm ELI LILLY got a joy ride on the kids- EASILY over 6 BILLION in PROFITS from that lousy killer drug.

So, here is Kotz - hired in December 2007- to head up the SEC ? as Inspector General ?

AFTER his prior firm was KNOWN to be involved with a PONZI SCHEME - LET ALONE the ELI LILLY Zypraxa issues...

hmmmm

GOTTA WONDER -

Just WHO thought THIS GUY would BE THE ONE - to head up TOP DOG SECURITY AT SEC.

NOT looking too pretty

If "I" were President Obama - I'd have Kotz investigated OUT THE WAZOO at this point - it's POSSIBLE this explains WHY the SEC has been VACANT during Goldman's antics - let alone Madoff.

Tim Miltz

Posted by: RedMercury | April 24, 2010 4:33 PM | Report abuse

When Waco burned, Ok. blew, and 9/11 bombed, Intel. agency's were chasing hookers and political Sextortion schemes - against numerous officials including SEC Bankers as proven by CIA Foggo and DC madam Palfrey.

Also with so much corruption how do we know if the porn was planted encouraged/entrapped, just like throw down guns, drugs, child porn, etc.. 2 yr. during the 2 yr 'investigation', I was imprisoned 8 yrs. under false charges myself for refusing to do this crap for the PENTAGON PIMPS!

As mentioned below: naughty.com, skankwire and youporn. These women are EMPLOYEES supporting their kids. The very type of women the PENTAGON PIMPS prey on to make famous after dirty deeds are done on folks such as Tiger Woods, Jesse James/Sandra Bullock, the Pope to name a few of the latest.

The fact they are singled out of millions of 'clients' and aired on tv as a torture tool is a big fat ass clue.

PENTAGON PIMPS PORN!

http://www.whorunsgov.com/User:xxxMadam

Posted by: XXXMADAM | April 24, 2010 4:34 PM | Report abuse

Again

If it takes NEARLY 1000 days to ACT on porn surfing ?

Gee- how long does it take the SEC to ACT on Madoff or Goldman ?

lol


Tim Miltz

I'm smart enough to know I'm not !

Posted by: RedMercury | April 24, 2010 4:36 PM | Report abuse

Seeing SEC Inspector General worked at Peppercorn and Mark Hamill ! ok Pepper and Hamilton ?

Reading up on them - you just have to love stuff like this :

The firm’s executive partner, Robert Heideck, said the law firm acted appropriately and “denies each and every allegation,” adding that any conflicts of interest in Pepper Hamilton’s representation of Mr. Yao’s firm — called Student Finance Corp., or SFC — were waived in writing by all concerned. Meanwhile, Gagné remains employed by the firm.

We’d be remiss if we didn’t point out that the story has a good dose of salacious details — none of which involve Pepper Hamilton. According to court papers, Yao and and his wife lived quite the jet-setting life. They lived in a $1.8 million home on the Main Line and had joined the Merion Cricket Club. The couple also owned two jet planes, a boat, several luxury cars and a chauffeur-driven limousine and employed a personal chef. At an auction, they paid $178,000 for a spacesuit said to have been worn by Neil Armstrong and donated it to the Franklin Institute space museum.

According to wire-transfer records entered as evidence in another lawsuit, Yao spent $150,000 on a pair of Las Vegas trips and wired $650,000 to Alexandria “Lexie” Karlsen, Playboy magazine’s Miss March 1999. Karlsen said she dated Yao for about four months in late 2001 and that the money was a gift.

Me ?

I wonder what GIFT Kotz got from Goldman -

Time to call up the friends in the Caymans and Switzerland !

US banking software engineers stick together ! not Pro Bono - PRO HUMANITY.

Tim Miltz

Posted by: RedMercury | April 24, 2010 4:49 PM | Report abuse

XXXMADAM ?

I've been imprisoned in the United States for 42 years now - having been born here.

8 years ? wow.

Posted by: RedMercury | April 24, 2010 4:51 PM | Report abuse

The SEC needs to evaluate its employees for mental instability and unethical behavior frquently and clean house. I would bet that the reported internet surfing for pornography is ony one aspect of the inappropriate behaviors going on. The agency and it's unqualified,unethical senior staff are a disgrace.

Posted by: evelynxxx | April 24, 2010 5:19 PM | Report abuse

Pay me $99,000 to $222,000 a year to watch porn eight hours a day.

I'd do it. I'd even put in overtime.

SEC management failed to do their job. Moreover, they failed, and failed miserably, at taxpayer expense. That's the part that's lost.

And this doesn't include the trillions of taxpayer dollars spent trying to recover from our current financial crisis: the worst since the Great Depression.

As a taxpayer, I'm not morally offended by SEC negligence.

I'm financially offended.

Posted by: kstahmer | April 24, 2010 7:49 PM | Report abuse

The sad thing about this is the Commissioner will testify before the Appropriations Committees that he/she needs more resources in 2011 to accomplish the mission (whatevert that is) of the agency. Now here's the really sad news, the dopes in Congress will appropriate an increase in funding and staffing.

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Posted by: itkonlyyou29 | April 26, 2010 11:29 AM | Report abuse

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