SEC Investigated (And Fooled by) Madoff Eight Times

In God we trust. Otherwise, we diversify. You CAN NOT regulate a crook!!!

Whatever happened it would be better to change the management of Sec....No excuise.......the verdict is still sleeping.....

1st

Why has no one inthe SEC resigned ?

NOT NOT should be NOT. More regulation is headed our way....and lower returns to investors will be the cost. Made Off......who couldn't figure that one out? It's like buying stock in MCI/Worldcom. Who in their right mind would buy a high tech company based in Mississippi? Regulation starts with SELF!!!

This guy was good!----

Question: Did they examine his trading records, and verify that the trades actually happened? If not, then they just took his word that he was legit. Maybe because he is a "pillar of Wall Street." I've been audited (taxes) and came out clean, but nobody took my word for anything. Maybe because I'm just a very small business person 3,000 miles from Wall Street. The old boy network does exist, and regulators are not immune.

Genius

"would have required a highly aggressive investigation to uncover" which was always precluded by his political connections, the SEC was not charged with regulating clowns like Madoff, hedge funds by nature are "unregulatable", look to hard & they migrate offshore.

I think the goverments system dose NOT work...If the system worked our jails would not be over crowed...There would be no war on drugs..People would be working and not collecting......I would like to know where all the money go's.....It sure don't reach the people that need the money..The rich stay rich and the poor stay poor the middle class, will be no more middle class..

Did you hear that TD Ameritrade may go the same route as Madoff. I do not understand how SEC misses these kind of deals. Madoff fooled them so many times it is unbelievable.

This just points out that the incestuous SEC should no longer exist. They can't do their job. Time to split it up and place it under other ineffective government agencies. That way there are less incompetent agencies to worry about. Everyone is shocked at this? Are you kidding? The SEC won't enforce its own laws on naked short-selling and other infractions. This Ponzi scheme discovery is probably the tip of the iceberg.

I find it amusing that most everybody understands that murderers often get away without punishment and for a variety of reasons, including investigative incompetence, smart killers, lack of evidence, etc. yet somehow these same folks very illogically believe that the SEC should have somehow detected Madoff's modus operundi. Sorry, but investigators aren't always Dick Tracy and crooks aren't always brainless boobs.

The SEC is stupid, obviously that is the answer.....this thing should have been the easiest thing to catch if the SEC had the brains, but they don't and now they will claim its because they were understaffed....give me a break, how come private auditors can't use that excuse.....idiots, why is Cox not in jail...

If I went over something 8 times & still didn't find the problem, I'd be on a bread line. It must be nice to have a job where you don't have to do it well.

It takes a very smart and evil person to accomplish what Bernard Madoff pulled off for so long. Talk about tenacity, staying power, flexibility, lack of conscience, Hutspah(sp)?,just genuine guts and the confidence and ba--s, to pull this off. He must be made to pay a price for what he has done, but, in the same breath, you have to marvel at the complexity and scope of this thing. Just think if he could have used all his creative talents honestly, as he did in the beginning(30) yrs ago, what a wonderful legacy he could have left. Now, the truth reveals, as it always does. GREED,POWER,EGO, ETC. JIM HSV ALA

The SEC is stupid, obviously that is the answer.....this thing should have been the easiest thing to catch if the SEC had the brains, but they don't and now they will claim its because they were understaffed....give me a break, how come private auditors can't use that excuse.....idiots, why is Cox not in jail...

nothing to find....bullsh!!. jus how in the he!! are you gonna find sh!! with blindfolds over your eyes and someone shoving money down your pants.....

Did he pay off the SEC?

The SEC should have called in the FBI to investigate since obviously the SEC had no ponzi investigators. I do not agree that a detective would have had to be really aggressive to spot Madoff's fraud, quite the contrary. All a detective would have had to do is to have Madoff show what method was generating the phony 12%. Madoff's type of ponzi is so common in Chinatowns and Little Korea towns throughout the USA. The asian scams get busted regularly, so why couldn't anyone at the SEC or CFTC shut Madoff down? It sounds like under the Bush administration, the SEC went into hiding. I blame the SEC for not looking out for the American investment community. 12 % a year is obviously a ponzi. It doesn't take a genius to figure that out. Our government agencies are in a shambles and we should all be very concerned at this point.