by Bruno Korschek

Created on: June 25, 2010

Probably at some point in our nation's past, this was a true statement: "I'm from the government and I am here to help you." That was when government was much smaller and more focused on a limited set of functions. So limited, in fact, that government was actually good at getting some problems solved. However, given the behavior of today's government functions, personnel, and the American political class these past few years, it is probably true that this statement is no longer a fact, it is just a myth. Consider the following myth busting behaviors:

1) The Securities Exchange Commission (SEC) is responsible for overseeing the integrity of the accounting processes and accuracy of public companies' financials. They were obviously asleep at the wheel when many of Wall Street's largest financial firms, rapidly and without warning, either went bankrupt or dove into deep financial stress at the onset of the greatest financial collapse in this country since the Great Depression. How did this economic and financial fiasco occur with almost no advance warning by the SEC? A possible answer was published in an April 23, 2010 Associated Press article which reported on the findings of an SEC Inspector General analysis. The analysis found that more than two and half dozen SEC employees were found to have used their government issued computers to search the Internet for pornography during the time they should have been hard at work protecting the interests of Americans who invest in public companies. As examples of their findings, one SEC attorney spent up to eight hours a day downloading pornography, burning his findings to CDs and DVD discs once his hard drive filled up with the pornographic material. An SEC accountant was blocked over 16,000 times in one month (or about 800 times a day, 10 times an hour) from visiting pornographic websites yet he was able to eventually collect a collection of pornographic material on his government computer by using a method to bypass the SEC filters. Seventeen of the pornography seekers at the SEC were considered "senior level" employees, earning salaries up to $222,000 a year. These government employees were obviously too busy to help protect the interests of the American investors, people who lost untold billions of dollars as a result of the financial crisis that the SEC staff never saw coming.

2) In January of this year, the Department of Health and Human Services issued a report that concluded the $150 billion that the Federal government

• 1
• 2
• 3
• 4
• 5
• Next Page >>