'Multiple Failures' by SEC in Madoff Case: Cox's (Not So) Stunning Confession

Sounds like team collusion.Tip of the iceberg.

Sounds like the end of the SEC, and another bailout...and the beat goes on.

Why don't they fire his dumb ass?

This group of investors will certainly get some form of bailout from the government. It is a fact of life.

A NIECE??? Yeah, that would carry a lot of weight now, wouldn't it? Talk about jumping to unwarranted conclusions - sounds like the Tech Ticker is out to prove that it can be just as remiss as they are claiming the SEC was. The Tech Ticket sets yet another new standard for ignorant arrogance. Considering Madoff's reputation and former deeds, you'd have to be pretty crazy to belive that he was engaged in any crimes. He advised Congress, for Christ's sake. Try to find a more reputable crook than Madoff. Go ahead Tech Boys.

America the Beautiful.

what was Greenspan doing at that time???? Just enjoying the paycheck and go back to sleep.

The SEC commissioners should all be fired, and all their immunity from being sued should be taken away. The criminal behaviour that they allowed under their watch cannot be understood, other than looking at possible criminal activity.

they corrupt and control the government and wall street. these peoples are destroying the core of this country.

The goverment not doing it's job to protect us. Oh My next they will be ruining our childrens futures with debt from bailing out the banks. Oh sorry they already did that.

The entire STREET is a bunch of CROOKS. The INCESTOUS nature must be in play before you can become a member. MONEYCHANGERS in the Temple is at play here.

The money is there, but no flow. His is holding on since its the old run on the ponzi schemes, too many withdrawals always brings them down. Which rich investors wanted their money back, bad bad people.

TO MAKE SEC DO THE BEST JOB..................FIRST THEY NEED CONTACT LENSES SO THAT THEY CAN SEE BETTER...ALTERNATIVES IS TO GET A READING FAIR OF EYE GLASSES TO ALL DEPARTMENT...AND MOST IMPORTANT THE MAGNIFYING GLASS SO THAT THE NUMBER AND LETTER BECAME BIG AND THEY CAN READ PROPERLY........AFTER EIGHT YEARS OF BLUNDER THIS TIME THEY WILL NO MESS AROUND......BUT THEIR TIME IS NOW RUNING OUT......THE BIG BOSS WILL SAY FIRE...WHEN HE CAME ON 20 JANUARY 2009.....THAT THE SAD PART OF IT.......

Bailout these investors? HEY! They've been "making" ridiculous returns for quite a while. That was really someone else's money. Why shouldn't they give that back?

send SEC to jail.

A lot of people have asked me why nobody saw what was going on, and I told all of them that when the whole truth comes out, it will show that more than a few people turned a blind eye, first being those whom executed his trades. Anyone doing that had to have seen he was loosing massive amounts of money all the time, but no one wanted to rock the boat, turned the other way, and collected their fees for their part. Truth likely is a lot of people knew what was going on, but only a few said anything about it at most.

Bailing out greedy investors? Get ready for anarchy................

Okay, everyone is bashing Cox - who deserves part of the blame. Well, what about Levitt (SEC Chairman 1993 - 2001), Pitt (SEC Chairman 2001 - 2003), and Donaldson (SEC Chairman 2003 - 2005)? If these "credible and specific allegations" were made as far back as 1999, don't these guys also share in the blame? If you are screaming for Cox to be sued and treated criminally, then all of these other SEC Chairmen should be treated the same way, right? Madoff was commiting this fraud for decades, does this mean that former SEC Chairmen were remiss in identifying the problem as well - prior to 1999? The SEC failed in one of it's fundamental missions. There is no doubt. They should feel the heat and if Congress decides that a new regulatory body should be created, great. As long as the former regulatory agencies are abolished. I don't want a new Department of Homeland Security that just layers another bunch of bureaucrats on top of the existing structure. Regulatory agencies also need to be funded and as independent from political influence as possible. If they answer to the current Administration and take their marching orders from the current President, there is the probability that they will focus on that administrations pet peeves. If they answer to Congress, the same thing holds true. There must be oversight and certainly accountability to Congress and the Administration, but to populate the SEC with political cronies (which ALL administrations have done) is to invite a repeat of the current failure.

Chris knows what's coming. It pays to tell the truth when you're caught flat-footed. Unfortunately, he may find the court of public opinion has a hanging judge right about now ... SOX it to the SEC!

Chris knows what's coming. It pays to tell the truth when you're caught flat-footed. Unfortunately, he may find the court of public opinion has a hanging judge right about now ... SOX it to the SEC!