Christopher Cox, the head of the Securities and Exchange Commission,has attacked his staff for not going after Madoff and his pyramid scheme. Cox is a career politician who will not take the blame for anything that happened on his watch.
Someone high up in the SEC made the decision to use Madoff as an advisor in the detection and investigation of fraudulentWall St. investment companies.
WASHINGTON "“ In a stunning rebuke, the Securities and Exchange Commission chairman blames his career regulators for a decade-long failure to investigate Wall Street money manager Bernard L. Madoff, now accused of running one of the largest Ponzi schemes ever.
On Tuesday night, SEC Chairman Christopher Cox ordered an internal investigation of what went wrong and offered a scathing critique of the conduct of his staff attorneys. He said they never bothered to seek a formal commission-approved investigation that would have forced Madoff to surrender vital information under subpoena. Instead, the staff relied on information voluntarily produced by Madoff and his firm.
Credible and specific allegations regarding Madoff's financial wrongdoing going back to at least 1999 were repeatedly brought to the attention of SEC staff, said Cox.
Shock waves from the Madoff affair have radiated around the globe as a growing number of prestigious charitable foundations, big international banks and individual investors acknowledge falling victim to an unprecedented fraud. Madoff remains free on $10 million bail.
"I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them," Cox said in a written statement.
Perfect example on why regulation is bogus. The free market works just fine and we have planty of laws already that deal with theft and fraud on the books.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
The free market works just fine and we have planty of laws already that deal with theft and fraud on the books
No one is enforcing those laws on the books, least of all Wya,his career political hacks and Wall St. insiders. The SEC is supposed to enforcing laws against fraud and theft. Ditto for the Treasury Dep't.They refused to do their jobs and now it is going to cost US taxpayers trillions.
Yep, this is a fine example of how the free market works. This guy Madoff was making sure his friends were getting their cut so long as the money lasted. Then those pesky Europeans started to redeem their shares and suddenly there was no money to pay anyone. Now the white house and congress will rush to bail out all those fat cats who participated eagerly in Madoff's Ponzi scheme.
No one is enforcing those laws on the books, least of all Wya,his career political hacks and Wall St. insiders. The SEC is supposed to enforcing laws against fraud and theft. Ditto for the Treasury Dep't.They refused to do their jobs and now it is going to cost US taxpayers trillions.
Bull crap. What your talking about is Government regulation wasn't enforced and all I can say is duh. Folks rely on too much government and therefore claim stupidity and lack of regulation enforcement to make up for their stupidity. It was the free market so far that has exposed this con not regulation so many of you dream of.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
FM continues to worship and defend his Bush God. The fact is that the banks and mortgage companies crashed on the watch of Wya Bush. Now it is going to cost us taxpayers trillions to bail them out.
It has come out they were looking at this guy in the mid 90's and thought everything was okay then. By the way, who was the president in the mid nineties??? Oh yeah, the same guy who gave us the sub prime mess, Mr Bill Rodham-Clinton.
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Future DNC Message - From this point, all illegal aliens will be referred to Unregistered Democrats.
FM continues to worship and defend his Bush God. The fact is that the banks and mortgage companies crashed on the watch of Wya Bush. Now it is going to cost us taxpayers trillions to bail them out.
Please explain where I brought up Bush in all of this? Now if you accuse me of defending conservative vaules, guilty as charged.The joke is on you all who worship big government.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
SEC Asleep At the Switch
