"Abject Failure:" Madoff Whistleblower Slams SEC

"YOU DON'T INVESTIGATE PEOPLE WHO LINE YOUR POCKETS WITH GOLD".....The New York gal who "worked", for the SEC (and the taxpayers of the USA), is just a small weed in a field of Poppy Plants. Money, like Drugs, "captivates minds and imaginations". But besides the SEC, anyONE; that would "basically turn over their money" to "a guy" and NEVER ASK for an (outside) CPA AUDITED FINANCIAL STATEMENT."Is a Fool and his money are soon parted" This one simple request would have "told the tale of the tape" that "all that glitters here is not gold"!! You can blame the SEC, but the real fools here are the ones that "placed their complete trust , in someone that they didn't even check "could be trusted for sure",with their money and a simple request for the CPA Audited Financial Statements would have raised enough red flags, before this grand theft ever occurred. Especially Donated money to a Foundation or Charity, this should be a requirement of the first degree!! An honest guy would be happy to comply and not be offended and lie!

I'm from the government, and I'm here to help.........................HOW DO WE KNOW THAT CERTAIN AGENTS IN THE SEC WERE NOT INVOLVED, AND POSSIBLY TAKING BRIBES FROM MADE-OFF......jail for the agents in charge at those times is the only appropriate measure to snag those who may have criminal involvement, and to prevent future failures, or corruption.......China would execute those in charge, we should do the same.

I know three people who were invested with Madoff. The public should have been protected here. My financial advisor states exactly where my money is invested, calls me when he wants to move assets, and I have no problems. Madoff just sent checks and a statement with balances. I don't think we need new regulation, we just need to enforce what is already there.

When we are looking for Heros and leaders... I elect this guy....He should be head of the SEC... someone with a soul and the knowledge...

Because the SEC is comprised of lawyers and has a legalistic orientation, they should be able to blow off responsibility in their sleep.

The corruption and negligence continue. Whatever happened to the declarations the SEC made some months ago related to the uptick rule and naked short selling. Swept under the carpet until the damage is done, then glib financial celebrities will feign righteous indignation and smugly condemn the climate of corruption. And we wonder why the markets can't rally!

The corruption and negligence continue. Whatever happened to the declarations the SEC made some months ago related to the uptick rule and naked short selling. Swept under the carpet until the damage is done, then glib financial celebrities will feign righteous indignation and smugly condemn the climate of corruption. And we wonder why the markets can't rally!

We all may have been better off, if a Comet HAD hit us.....The World is now watching to see if we have the guts to do the right thing with this Made-Off creep, and the others like him.....our future may just be hanging in the balance.

Your "analysts" go way too far out of their way to defend the SEC. I've read the report that Markopolos sent to the SEC, and it is clear as day to anyone with any sort of a finance background. There was no excuse, and lumping this guy in with the "crazy guy screaming on the street" is an absolute joke.

EZSHOOTER- the government as always, and in this proven case

While the Madoff ponzi scheme was deplorable, why hasn't someone/anyone blasted the SEC for allowing short sellers to gangshort and rumorboard our entire financial system into oblivion? Oh, I forgot that Cramer did, but no one really listens to him anyway. This time maybe they should.

Our system is truely doomed.....

Hope you two fools read the report. I did. Markopolos is TOTALLY creadible.

To paraphrase a Jack Johnson song-"Where did all the good people go?" ........ We have heaps and heaps of what we sow....... Nothing will change-after some window dressing- the good ol boys will move right back in. Betya Madoff is the tip of the iceberg.

It has become apparent that the SEC is simply an organization that might as well have been set up by Wall Street to keep the public from complaining much as some manufacturers set up fake unions that they back to keep employees from forming a "real union". I feel that behind the Greek columns, the pinstripes, the limos, the American Flag are really nothing but a bunch of well dressed thugs. Trust Wall Street again? Not in my lifetime. God bless Mr. Markopolos for investing himself so deeply in getting this information out even if the SEC did not want to hear it. Oh, and what about those 401ks? Another scam visited on the American worker. When will people start taking all this to the streets? Maybe we are kept so busy for a reason.

Moral implosion of free market social darwinists....

Moral implosion of free market social darwinists....

In my lifetime (a mere 60 years) the United States financial and judicial systems have gone from "the standard" to the "big farse"!! We now have no credibility and little hope of repairing our tarnished image. We have embraced a financial system which feeds on fear and greed and abandoned integrity and honor and hard work! We excused a president who lied under oath (claiming he was only "fooling around"). Money prevents the laws from being enforced and deceit has replaced honesty as the best policy! If we took all the Wall St.analysts, SEC lawyers and all big bank CEO's and hung them (by the neck until dead)on Wall St. as decorations, that'd be a start!! Send a message!!!

SEC IS CORRUPT AND SORROUNDED BY LAZY STAFF AND THE CHAIRMAN IS SLEEPING ONLY AWAKE AT THE END OF THE MONTH TO CHECK HIS PAY CHEQUE.

According to Reuters, "The SEC's head of enforcement, Linda Chatman Thomsen, ... was considering a number of changes ..., including how frequently investment advisers are examined." The Banana Republic-style SEC's handling of the Madoff scandal goes on. Is the SEC setting up a hot line for whistle-blowers? NO. Is the denounced-as-unprofessional employee at the SEC being fired? NO. In her statement, Ms. Thomsen is just paving the way for the SEC to ask for a bigger budget! Hats off to courageous Harry Markopolos.