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GLENN: I have what I believe is shocking news, not unforeseen but shocking nonetheless. This is an indictment on this presidency, this congress, most importantly the media. Breaking news from Fox Business, so you know it just can't be true. The SEC, in response to a Freedom of Information Act request from Fox Business Network and the founding partner of law firm Mintz and Gold, LLC, the SEC ‑‑ just so you understand, the SEC is the Securities & Exchange Commission which oversees all mergers, all acquisitions, the exchanges, security, the credit default swaps, all of it. When people suspected that Bernie Madoff was doing something wrong, they went to the SEC. It was the SEC that dropped the ball on Bernie Madoff. The SEC has the power to close you down, and this new financial regulation has given them much, much more power.
Freedom of Information Act now is being denied. Why? Because the SEC says now the new financial regulation law exempts the SEC from Freedom of Information Act. You have a gigantic new all‑powerful arm of the government that no longer has to answer any of your pesky questions. Kiss transparency goodbye. This has never, never happened in America. They no longer have to respond to your questions or the media's questions. If they want to choose to shut somebody down because there's irregularities, they no longer have to provide any information to anyone on why, what did you do, what did you see, wait a minute, something sees wrong. If there's any irregularity going on with the SEC, you can no longer ask any questions. This is a story from the SEC that has just broken. This is no longer, this isn't, "Oh, gee, I wonder if." This is what they are now doing, and it is law.
PAT: I'm having a hard time believing this because I remember the words of Barack Obama pretty clearly in my head.
PRESIDENT OBAMA: The way to make government responsible is to hold it accountable, and the way to make government accountable is to make it transparent so that the American people can know exactly what decisions are being made, how they are being made.
PRESIDENT OBAMA: And whether their interests are being well served.
GLENN: Not anymore.
PAT: Well, it's so transparent. This is a part of transparency.
GLENN: No, but that was just that one time.
PAT: This is like opaque, not transparent.
GLENN: This is slam the door in the face. They will tell you who's bad and who's good. You don't question them at all. The SEC just settled, let's see, just settled a $755,000 lawsuit that had to be settled because they used Freedom of Information Act requests in the lawsuit. The case was closed in 2006. This year, blah, blah‑blah, was forced to pay $28 million to settle insider trading charges relating to shares of Microsoft.
These guys can charge anything now, anything. And if there's any irregularity on their part, it doesn't matter. The press is blocked from looking into anything now in Security and Exchange.
Gang, how do you prove Crime, Inc.? How do you prove cap and trade is a scam? How do you prove any of it if you can't look into any of it?