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Thread: Blistering report faults SEC for Madoff misses

  1. #1
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    Blistering report faults SEC for Madoff misses

    "Despite numerous credible and detailed complaints, the SEC never properly examined or investigated Madoff's trading and never took the necessary, but basic, steps to determine if Madoff was operating a Ponzi scheme," Inspector General David Kotz wrote.

    Kotz said the SEC's "most egregious" lapse was its failure to verify Madoff's purported trading with any independent third parties, even after it took testimony from Madoff in May 2006.

    Have you been Madoffed today?

    Blistering report faults SEC for Madoff misses | U.S. | Reuters
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  2. #2
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    Re: Blistering report faults SEC for Madoff misses

    Well, what do you expect?

    We shortchanged the SEC under Clinton and under the Bush Administration, the SEC went from regulating to ensuring American businesses were competitive. Low staff, low funding and what do you get? Frauds. Lots of them. Madoff was just the biggest. Something like 14 Ponzis came to light just last year, many of which had been running for years.

    You give your regulators plastic baseball bats and a 9 am to 2 pm schedule with 2 hours for lunch and you really expect them to do their jobs well?
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  3. #3
    RightinNYC's Avatar
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    Re: Blistering report faults SEC for Madoff misses

    And of course FINRA. Thank god the people from FINRA who did nothing are out of government now.

    Oh, wait, you mean Obama appointed the head of FINRA to be the head of the SEC.

    People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

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