« Morning Smoke: Investigation into Osprey Crash Concludes Operator Error Is to Blame | Main | Salazar Untangles Conflicted Functions of Minerals Management Service »

May 19, 2010

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c68bf53ef013481214a0c970c

Listed below are links to weblogs that reference Rep. Issa Issues Report on Systemic Problems at the SEC, Calls for Major Overhaul:

Comments

Tom

I have no problems in being contacted by the org regarding the following. I have read the article and can only say totally and utterly agree but more then that.

In April 2009 I reported a very serious financial situation with a multi billion dollar company. Millions of missing financial transactions and NO audit trail. Internal audit in the company confirmed the details and the reason provided was "The Indian outsourcing company workers had deleted their mistakes". There are many problems with this. The accounts have been audited for over 8 years and it had never been discovered before being a main issue and there are others. I have been interviewed by the SEC numerous times and provide massive amounts of proof and details.

The matter is complex when a ex staff member of the DOJ becomes involved employed by the company and appears to have undue infleunce.

The issue is not terribly complex and each year becomes worse because the shareholders have not been informed that the accounts could be incorrect. The SEC however beleive it is vital that the confidentiality remians and like the company itself nothing is discussed with anyone else.

I consider this to be worse then the ENRON case and have therefore reported the company on my own to a number of European tax offices and the Candian plus the US IRS.

I now gather the company in question is preparing itself to encounter some checking and has hired over twenty staff to check each and every VAT return for each and every company across Europe for the last ten years.

The problem I foresee is that the SEC will be lied to and misled as they have been to date on the matters the SEC have raised with me. Simply I have no trust in the competency of the SEC to investigate and technically understand the BS they will be provided. The company has met me twice and on both occasions have been completely inept or trying to mislead me in the responses they provided.

Tex

If you think Madoff ran a huge scam, Amway has ripped off millions of people for several decades, to the tune of 10s of billions of dollars.

Read about it on this website: http://thenetprofitgroup.yolasite.com and forward the information to everyone you know, so they don't get scammed.

Amway is a scam, and here's why: Amway pays out as little money as they can get away with, so they support the higher level IBOs ripping off their downline via the tool scam.

As a result, about 99% of IBOs operate at a net loss, while the top 1% make several TIMES more from their Amway tool scam than from the Amway products. This was made illegal in the UK in 2008, but our FTC is unable to pull their heads out of their butts to stop it here.

The comments to this entry are closed.