swave
You may not know that Madoff was in the “in” crowd at the sec. Because he was in charge of the NASD.
Here is the problem with your breaucracy:
Since 1991, Madoff and his wife have contributed about $240,000 to federal candidates, parties and committees, including $25,000 a year from 2005 through 2008 to the Democratic Senatorial Campaign Committee. The Committee has returned $100,000 of the Madoffs’ contributions to Irving Picard, the bankruptcy trustee who oversees all claims. Senator Charles E. Schumer returned almost $30,000 received from Madoff and his relatives to the trustee, and Senator Christopher J. Dodd donated $1,500 to the Elie Wiesel Foundation for Humanity, a Madoff victim.[45]
The Madoff family gained access to Washington’s lawmakers and regulators through the industry’s top trade group. The Madoff family has long-standing, high-level ties to the Securities Industry and Financial Markets Association (SIFMA), the primary securities industry organization.[46] Bernard Madoff sat on the Board of Directors of the Securities Industry Association, which merged with the Bond Market Association in 2006 to form SIFMA.[47]
Madoff’s brother Peter then served two terms as a member of SIFMA’s Board of Directors. He stepped down from the Board of Directors of SIFMA in December 2008, as news of the Ponzi scheme broke.[46] From 2000 to 2008 the two Madoff brothers gave $56,000 to SIFMA, and tens of thousands of dollars more to sponsor SIFMA industry meetings.[48] Bernard Madoff’s niece Shana Madoff was active on the Executive Committee of SIFMA’s Compliance & Legal Division, but resigned her SIFMA position shortly after her uncle’s arrest.[49]
Its called access dude and we do not have it. Do you have any idea how he fooled people? He printed up his own statements!!! Wow very sophisticated.
A citizen (competitor) figured it out with no access. His name was Harry Markopolus and and he was ridiculed and put off by your regulators. Markopolus went to the SEC multiple times. You want to protect the part of this story that failed? IF YOU BLESSED REGULATORS COULLD NOT FIND THE GREATEST PONZI SCHEME EVER what exactly can they do? Why are you placing your faith and my tax dollars with them??? Please respond I gots to know bro.
My theory: the SEC was 1. Terribly and horribly ineffective or 2. Conflicted because Madoff knew too many of their bosses.
