Not for “moving too slowly” but for not moving at all. This detailed warning was given to them in 2005. Three years later, Madoff is caught, not because of any investigation on the part of the SEC, but because his sons turned him in. The SEC should be [i]investigated[/i] to see if there was any wrong doing. Was there criminal negligence? Was there collusion?
I did not say they should be prosecuted. I know of no evidence that would call for that. I do think that there is sufficient grounds for an investigation to see what was going on.
Or should we all just turn a blind eye and say, “Oh, well”?
And the more you look at this sad case, the worse it appears. Not only did this unnamed analyst submit this devastating expose in November, 2005, but he (or perhaps she) claims that a similar case against Madoff and his phony company was presented orally and in writing to the Boston office of the SEC as early as May, 1999! So yes, that’s not just moving very slowly; it’s not moving at all.
There are reports out today that among the casualties from this horrible scandal will be the American government and all of us as taxpayers. For many people and foundations that invested in Madoff’s worthless Ponzi scheme will now suffer huge losses, and some may not only owe much less taxes than they thought, but some of them may even be due refunds for overpaying.
The FBI should be investigating the SEC. This smells very bad.
[i] The FBI should be investigating the SEC [/i]
For what, exactly? The crime of moving too slowly?
2005, actually.
Recall that Enron toppled practically overnight after an analyst asked an inconvenient question during a conference call.
Not for “moving too slowly” but for not moving at all. This detailed warning was given to them in 2005. Three years later, Madoff is caught, not because of any investigation on the part of the SEC, but because his sons turned him in. The SEC should be [i]investigated[/i] to see if there was any wrong doing. Was there criminal negligence? Was there collusion?
I did not say they should be prosecuted. I know of no evidence that would call for that. I do think that there is sufficient grounds for an investigation to see what was going on.
Or should we all just turn a blind eye and say, “Oh, well”?
And the more you look at this sad case, the worse it appears. Not only did this unnamed analyst submit this devastating expose in November, 2005, but he (or perhaps she) claims that a similar case against Madoff and his phony company was presented orally and in writing to the Boston office of the SEC as early as May, 1999! So yes, that’s not just moving very slowly; it’s not moving at all.
There are reports out today that among the casualties from this horrible scandal will be the American government and all of us as taxpayers. For many people and foundations that invested in Madoff’s worthless Ponzi scheme will now suffer huge losses, and some may not only owe much less taxes than they thought, but some of them may even be due refunds for overpaying.
Lord, have mercy upon us.
David Handy+