SEC Chairman Christopher Cox said he is "gravely concerned by the apparent multiple failures" by staff to look into claims about Madoff's business and to seek formal authority to investigate.Oh, please. Give me a fucking break. The party of Hoover (and its Democratic sympathizers) has worked to eviscerate regulation and oversight for the last 28 years and now we are reaping the whirlwind.
This was not a "multiple failure" of staff, no more than abu Ghraib was the action of a bunch of rouge enlisted men. What the SEC did not do was what the Administration, both this one and the three previous ones, wanted it to do. They wanted the SEC and the other financial regulators to be as diligent as this guy:
and the SEC obliged them. As a result, a crook like Bernard Madoff was able to run a pyramid scheme for a very long time.And if you think that Madoff is the only one out there, then brother, do I have a bridge to sell you.
You hit on the scariest thing--this one guy's been caught (though he probably won't do a day of jail time), but how many more are there out there?
ReplyDeleteLove the Barney Fife picture. Perfect choice.
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