Here is the weekly summary for Securities Docket’s Web Watch (”This Week’s Best Blog Posts and Columns”):
- OMKAR GOSWANI, TIMES OF INDIA (Jan. 9, 2009): A Wake-up Call
For the last 48 hours, everything about an inappropriately named company called Satyam involves incredulity, indignation and schadenfreude.
- Re: THE AUDITORS (Jan. 7, 2009): If You’re Counting On Congress, Well…
David Kotz did his damnedest to answer Congress’ questions but there was a real obstacle to the process: They hadn’t read his written testimony and didn’t understand his role.
- THECORPORATECOUNSEL.NET (Jan. 7, 2009): Incoming SEC Chair Schapiro: A Rebuttal
Broc Romanec contends that Mary Schapiro is a great choice – and now is when we most need someone with her incredible experience and willingness to act independently.
- ROGER PARLOFF, FORTUNE (Jan. 6, 2009): Wall Street: It’s Payback Time
Today’s crisis has placed under the forensic microscope scores of reassuring assertions made by CEOs. Were the CEOs honestly relying on flawed business models – or lying through their teeth?
- PAM MARTENS, COUNTERPUNCH (Jan. 6, 2008): It’s All One Big Lie
Fearing that government oversight of market manipulations and timely investigations of politically connected crooks are, in Madoff’s words, “all just one big lie.”
- ARTHUR LEVITT (Jan. 4, 2008): How the SEC Can Prevent More Madoffs
Yet contrary to what some commentators have said, the Madoff affair doesn’t prove that the SEC is a failed institution that must be shuttered. Nor does it show that all it needs is more money to do its job. Rather, this scandal underscores the need for a 21st century regulatory approach.
- MICHAEL LEWIS, NY TIMES (Jan. 3, 2009): The End of the Financial World as We Know It
What’s interesting about the Madoff scandal, in retrospect, is how little interest anyone inside the financial system had in exposing it.