Who Is At Fault – Madoff, SEC or A Third?

Tuesday, June 16, 2009, PM | Leave Comment

Three entities are involved. They are all mutually exclusive. One doesn’t know about the other. I think the third one is at fault with their inherently God-given so very important characteristics they cannot live without.

  1. Bernie Madoff

    Bernie Madoff managed to lure billions of dollars away from huge charities, as well as wealthy individuals in both the United States and Europe by getting them to invest in his hedge fund.

    That seems to be the American way these days. The judge threw the book at him which is also another American way of doing things. He “confined” Madoff in his $7 million apartment in Manhattan, NY City. I don’t know but I bet the apartment is on Park Avenue. Where else would the poor guy live?

    He embezzled, to the tune of $50 billion, by claiming extraordinary returns. This all came crashing down around him after market conditions led to a considerable amount of redemption.

    Investors did American way as well. Can you believe they actually asked for their money back? I thought investors were always asleep.

  2. Securities and Exchange Commission (SEC)

    SEC, according to some in the financial press, knew about the whole fraud schmeer nine years ago in 1999 when they first looked at Madoff’s books. Then, now and in between, SEC never bothered to investigate.

    Many in the financial press are beginning to ask “Where was the SEC?” Asleep, of course. Let’s face it. Everybody needs their sleep, right? SEC may not be human, but they need their sleep, nevertheless, once in a great while. And Madoff just happened to be one of those great whiles.

    Most people in the world sleep during the night. There are some who sleep during the day. SEC just happens to have a habit of sleeping during the day. I don’t see anything wrong with that. Do you?

  3. Investors

    I can’t find words to comment on Investors. They are always asleep – day and night. No see, no hear, no speak, no nothing and no think either – the inherently God-given so very important characteristics they cannot live without. Wikipedia just forgot to mention them.

In a Nutshell
Two entities were asleep while Mr. Madoff was doing his thing. Looks like the two have always been asleep but hopefully not any more.

Let’s hope it doesn’t happen again. But just hope is never enough. Something must be done. Our alarm didn’t work and even if it did, we hit the button and went back to sleep.

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