http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5364345.ece

Mary Schapiro, Barack Obama’s choice to lead the Securities and Exchange Commission (SEC), previously appointed one of Bernard Madoff’s sons to a regulatory body that oversees American securities firms.

It has emerged that in 2001, Ms Schapiro, currently chief executive of the Financial Industry Regulatory Authority (Finra), employed Mark Madoff to serve on the board of the National Adjudicatory Council — the division that reviews disciplinary decisions made by Finra.

Last week, Mark Madoff, with his brother, Andrew, were understood to have approached the authorities after their father apparently confessed to orchestrating a $50 billion securities fraud.

Mr Madoff is under house arrest in his $7 million Manhattan apartment and will be electronically tagged after he failed to secure further signatories to guarantee his $10 million bail.

Both sons have emphatically denied any involvement in what could be the biggest fraud perpetrated by an individual.

However, the link with Mark Madoff may prove controversial for Ms Schapiro and the President-elect, who has moved fast to replace Christopher Cox, the current head of the SEC. The watchdog has came under fire for failing to detect Mr Madoff’s activities.

Earlier this week, Mr Cox admitted the regulator had repeatedly failed to follow up on tip-offs about Mr Madoff’s business dealings
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I’m sure there will be a perfectly good explanation for this vetting oversight.

Or….

Knowing the Dems, they’ll say they t wasn’t an oversight, they were fully aware of her connections to Madoff’s son, investigated it thoroughly, and deemed that this was not sufficient cause for her to recuse herself from consideration This is not the scandal you are looking for

George Tenet
Porter Goss
Brownie
Gonzales
Miers (who didn’t make it to the supreme court).
Rumsfeld
General Pace
General Myers (who was worse than Pace)
General Sanchez
Tommy Franks
Rice (Bin Laden determined to attack) and the most useless SOS in memory.
The black guy at HUD
The woman at Admin Services
All of them at Interior
All of them at EPA with possible exception of Whitman
Snow
Ashford(he of the velvet curtains over the tits)
Wolfie and all the other neocons like Perle and Feith Jew at Defense and State
Yoo and Addington (tortures ok as long as you’re American otherwise it’s illegal)
All of them at Energy
Perino bimbette to end blackeyed bimbettes, Fleischer the slimester and the little Walmart manager?
All of them at the FDA
Bremer (He of the db suits and combat boots)
Rove who seems to have wrecked the GOP with his strategy of polarization
Scooter the felon
Cheney (at an undisclosed location improving his aim)

It’s never ending. Elections, alas, have consequences.

“There has to be a question about vetting, as in: did or didn’t the administration actually look into Mary’s past. Mary’s the one that appointed Mark Madoff to the National Adjudicatory Council in 2001, which we have to assume is an oversight on the part of Obama’s camp if for no other reason than it’s so bloody insane it defies all bounds of logic.”

Didn’t know that…

This is the best that I could do (not from Kos):

Why do people vote to send Republicans to government, when they see their entire purpose in life as being to show that government doesn’t work? And why doesn’t it work? Because Republicans keep trying to thwart any good that it might be able to do. Then they pat themselves on the back and say, “See? We were right. Government doesn’t work.”

And:

“I’m a Republican and I believe that government is corrupt, incompetent, inefficient and ineffective. Elect me, and I will prove it to you.”

You can’t spell ‘unintended consequences’ without S… E… C…

Short covering after big selloffs is just profit taking. Its the equivalent of a little pullback after a big rally.