Yes, I know that Madoff was very connected and that the SEC was very incompetent. I know someone who worked for SEC enforcement through the 90s and quit in 2003 because he couldn’t do his job. But eventually Madoff did stop because of the SEC and government prosecutors. The SEC should have stopped him 10 years earlier. But, if it weren’t for the SEC and government prosecutors, he would probably still be in business. We need to try to minimize corruption, but that is not the same as getting rid of everyone.
