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Frank: GOP deregulation, not porn, was SEC’s problem

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In the wake of splashy coverage of the porn scandal at the Securities and Exchange Commission, called a political ploy by a sleuthing watchdog, Rep. Barney Frank (D-MA) told MSNBC on Friday that deregulation of banks was the real problem.

“The Republican philosophy was one that said, ‘Do not regulate. Let the market do it better,'” said Frank. “That was a conscious policy preference by the people in power, namely to defer to the market in almost every instance and under regulate.”

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As Congress battles financial reform, the SEC is already under attack for failing to curtail dirty deals by Lehman Brothers and letting Bernie Madoff’s ponzi scheme go unnoticed for years. Porn viewing among high-ranking SEC staff, however, has been public knowledge for some time.

Marian Wang at the investigative news group ProPublica wondered if it is a coincidence that Republicans opposed to financial reform “suddenly” have plenty to say “about how troubling the porn problem at the SEC is.”

Rep. Darrell Issa (R-CA) criticized what he considered a politicized SEC after commissioners voted 3-2 to sue the investment bank Goldman Sachs for defrauding investors. Just as Republicans questioned the timing of the suit, now questions are being asked about the GOP strategy of pointing to the porn issue.

“Is it a coincidence,” Wang writes, “that the SEC’s porn problem has resurfaced in the headlines after Sen. Chuck Grassley, a Republican from Iowa, specifically requested a report from the inspector general?”

Wang’s blog post today features a provocative headline, “Is the SEC porn story a new problem, or a political ploy?” Meanwhile, the AP, ABC News, CNN and other national news organizations have been driving traffic to the porn story all day.

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MSNBC’s Andrea Mitchell asked House Banking Committee Chairman Frank, “Do you think maybe we’ve just finally figured out why the SEC missed the whole Madoff thing? Where we now have an internal report that says they found some of the people at the SEC on pornography sites for thousands and thousands of hours, sometimes as much as eight hours a day?”

Frank reply in full was, “I think that is a factor, but how do people get there? The culture of the SEC, and here, you have to get political in the voter’s sense. The republican philosophy was one that said, do not regulate. Let the market do it better. We had a hearing earlier this week on the Lehman Brothers issue where the SEC was found by the bankruptcy examiner to have been clearly deficient in 2006 and 2007 and the examiner said the SEC didn’t do its job. My Republican colleagues said yeah, but we don’t need to change the regulation. That was a conscious policy preference by the people that in power, namely to defer to the market in almost every instance and to under regulate.”

This video is from MSNBC’s Andrea Mitchell Reports, broadcast April 23, 2010.

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George Floyd’s brother tears up discussing condolence phone call from Trump: ‘It hurt me’

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The brother of George Floyd described the condolence phone call he received from President Donald Trump during a Saturday interview on MSNBC.

Philonise Floyd was interviewed by the Rev. Al Sharpton on "Politics Nation."

While Derek Chauvin has been arrested and charged with third degree murder, the other three officers involved in the killing remain free.

"They all need to be convicted of first degree murder and given the death penalty," Floyd said.

"What was the conversation with President Trump like?" Sharpton asked.

"It was so fast," Floyd replied.

"He didn't give me an opportunity to even speak. It was hard, I was trying to talk to him, but he just kept like pushing me off, like 'I don't want to hear what you're talking about.' And I just told him I want justice. I said that I couldn't believe they committed a modern-day lynching in broad daylight."

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Bill Barr slammed by ex-FBI official for ignoring the right-wing ‘Boogaloo Bois’ infiltrating protests

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Attorney General Bill Barr was slammed by the former assistant director for counterintelligence at the Federal Bureau of Investigation on Saturday for misleading Americans about the source of violence at the protests over the killing of George Floyd while in police custody.

"There's evidence developing, Brian, that the organization we're seeing of the most violent protesters is coming from a couple of disturbing places," both, by the way, there's disparate in terms in being from the right or the left. here's what those who monitor these groups and sites are seeing.

"We're seeing a far-right group, one group for example known as the Boogaloo Bois, who on their private Facebook page and social media outlets are calling for violence, calling for people to show up," Frank Figliuzzi told MSNBC's Brian Williams.

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Trump is the ‘greatest troll in the history of the internet’ and Twitter needs to ‘pull the plug’: NYT columnist

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President Donald Trump would face an existential crisis if Twitter were to enforce it's own rules and hold him accountable -- and one New York Times columnist wants to see it happen.

"C’mon, @Jack. You can do it," Maureen Dowd wrote, referring to Twitter CEO Jack Dorsey with his username on the platform.

She urged Dorsey to "just pull the plug on him."

"You could answer the existential question of whether @realDonaldTrump even exists if he doesn’t exist on Twitter. I tweet, therefore I am. Dorsey meets Descartes," she explained. "All it would take is one sweet click to force the greatest troll in the history of the internet to meet his maker."

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