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Where was the SEC? Madoff trustee: No securities bought for customers in 13 years
Old 02-20-2009, 11:22 AM   #1
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Where was the SEC? Madoff trustee: No securities bought for customers in 13 years

The trustee liquidating Bernard Madoff's investment firm says his investigation has found no evidence that any securities were purchased on behalf of customers in at least 13 years.
http://www.marketwatch.com/news/story/Madoff-trustee-No-securities-bought/story.aspx?guid={E3029229-16E5-4CB7-8ED2-E9584C10B391}&dist=hplatest

Wow.
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Old 02-20-2009, 12:10 PM   #2
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How long did this guy live high on the hog?
Not saying I want in on the action, but a cost benefit analysis may be in order.
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Old 02-20-2009, 12:29 PM   #3
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We're always telling people not to take more risk than they need to take, and Bernie was smart in this respect. His "business model" didn't require him to take any investment risk, so he didn't. Except for his own "costs," it looks like his investors wouldn't have lost a dime in the recent downturn. In fact, if they hadn't panicked and demanded their money due to falling stock prices (to which they weren't even exposed!), everything might have been fine for many more years.

More regulation--that's what we need. Like there aren't laws and regs against this already . . .
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Old 02-20-2009, 01:08 PM   #4
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Quote:
Originally Posted by samclem View Post
More regulation--that's what we need. Like there aren't laws and regs against this already . . .
As this Madoff scheme shows, it's not necessarily a regulatory problem, it's an *oversight* problem or an enforcement problem.

You don't need to make more laws to stop someone from doing something already illegal. You just need to enforce the laws that exist.
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Old 02-20-2009, 02:05 PM   #5
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Wasn't Madoff subject to lesser regulation because only "accredited investors" had a shot at his funds?
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