So The SEC Does Have An Inspector General

Tuesday, November 3, 2009, 6:22 AM | Leave Comment

The Inspector General of the entity called the “Security and Exchange Commission”, better known with its acronym SEC, went in the house where Bernie Madoff is staying and had a talk with him, an interview. I think the house is called a jailhouse. The interview has been released in which Bernie Madoff explains that he got away with his scheme because the SEC basically screwed up.

Excerpt from New York Times report.

In the interview, Mr. Madoff said that the young investigators who pestered him over incidentals like e-mail messages should have just checked basics like his account with Wall Street’s central clearinghouse and his dealings with the firms that were supposedly handling his trades.

“If you’re looking at a Ponzi scheme, it’s the first thing you do,” he said.

Those simple steps, he added, could have revealed years earlier that he was running the largest Ponzi scheme ever, a crime that has now dragged the S.E.C. into the worst scandal in its 75-year history. “It would have been easy for them to see,” he added.

But no matter how you throw the dice, the truth is, in all the Ponzi schemes, the third entity is probably at fault who thought they had the best hand and that could be the reason why they just happened to be the biggest losers.

Moral of the story
Let Madoff and schmucks like him rot in jailhouses with no perks bestowed upon them. And let’s hope he is not pardoned by any future president either.

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