Bernie Madoff

The SEC and the small fish versus the big fish

Joe Nocera's New York Times Column Saturday reviled a real S.E.C. horror show. Seems like they like to go after the small fish and ignore the more obvious fraud and violations. The S.E.C. is an independent agency, so one must wonder if policies of going after the vulnerable and ignoring the guilty have changed.

The Boston office of the Securities and Exchange Commission began the investigation around 2001. Three years later, formal charges were brought against Mr. Kwak and seven others. By the time the case went to trial, in 2007, only three defendants were left; the others had settled with the S.E.C.

Madoff WAS the system, not an error or bad apple

Madoff’s Crookedness Was a Feature, Not a Bug

By: Ian Welsh Wednesday December 31, 2008 12:42 pm

Ian Walsh nails it with a short and sweet indictment of Bernie Madoff being representative of the past few decades:

Okay, let's point out the obvious: the fact that Bernie Madoff was a crook was known to every competent financial professional. If they didn't know that, it was because they weren't competent or they didn't want to know and if they didn't want to know, they weren't competent. It is impossible to make 1% a month, every month. Impossible. . . .