US regulators failed to catch Bernard Madoff’s huge fraud in 2006 because they asked the wrong questions and did not perform “accounting 101”, the financier told the authorities earlier this year, according to documents released on Friday, FT is reporting.
In an interview in June – days before he was sentenced to 150 years in prison the biggest “Ponzi” scheme in history – Madoff told SEC it was “amazing” he had not been caught earlier.
The SEC is a joke. It is a very political organization that tends to go after unconnected high profile people, i.e., Martha Stewart and (currently) Mark Cuban-types. Even if they have to create theories out of thin air as to what laws may have been broken.
Yet, they rarely catch real fraud, and they stay miles away from big time connected signs of major insider trading.
They really should close down the SEC, and turn the SEC hedaquarters building in Washington DC over to the homeless that sleep just a block away in and around Union Station.
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