SEC Too Busy Busting National Lampoon to Catch Madoff
The Securities and Exchange Commission this week charged National Lampoon, its CEO Daniel S. Laikin and others with "engaging in fraudulent schemes to manipulate the market by generating purchases of company stock in exchange for pre-arranged cash kickbacks."
Linda Chatman Thomsen, director of the SEC's Division of Enforcement, said in a statement: "A CEO who manipulates the stock of his own company commits an egregious violation of the federal securities laws. In this time of dramatic market volatility, the SEC is acting aggressively to identify and hold accountable all individuals who seek to manipulate the securities markets. These enforcement actions further demonstrate that we are devoting substantial investigative resources to policing all corners of the markets and stopping misconduct."
Policing everything except, say, Bernard Madoff's alleged $50 billion Ponzi scheme. Guess that one slipped by because the SEC was too busy watching "Jake's Booty Call" and "Homo Erectus."
A National Lampoon spokeswoman wasn't available for comment earlier today.
So what's next on the SEC's agenda? Insider trading on Weekend Update? Money laundering at The Onion?