Interesting Madoff article by Ben

[mickeyd]

I have not read a good article by Ben Stein in a while. This one is pretty good. It's about time that someone suggested that the SEC be taken to the woodshed over this matter.

It gets a lot worse. A man named Harry Markopoulis repeatedly warned the SEC that this was a scam, that results such as what Madoff claimed were simply not possible. He sent detailed accusations about Madoff to the SEC. They were completely ignored.

Now, when do the people who ignored these vital communications go on trial? Madoff at least has the excuse that he wanted to be rich -- and, in a way, while it's a pitiful excuse, it's at least understandable.

What excuse do the regulators have? Why are they not being tried for criminal dereliction of duty? When they go on trial, we really will have a new day in securities law.

It is quite literally inconceivable that Madoff's wife and family did not know what he was doing. His brother, Peter ("Thou art Peter, and on this rock, ‘bro', I will found my scam") was the compliance officer, for Pete's sake.

Nice dry, "Benish" humor.

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[al_bundy]

is there such a crime as criminal dereliction of duty?

in the end it's the same at the Enron story

person1: what are you invested in?
person2: Madoff funds
person1: what do they hold?
person2: duh, i don't know. but he said i get a 10% return every month