Truth to Power

The scam that wasn’t?

I can’t be the only one who thinks that this “scam” is just a cover for failed investments…?

Madoff Chasers Dug for Years, to No Avail

Regulators Probed at Least 8 Times Over 16 Years; Congress Starts Review of SEC Today

Bernard L. Madoff Investment Securities LLC was examined at least eight times in 16 years by the Securities and Exchange Commission and other regulators, who often came armed with suspicions.

SEC officials followed up on emails from a New York hedge fund that described Bernard Madoff’s business practices as “highly unusual.” The Financial Industry Regulatory Authority, the industry-run watchdog for brokerage firms, reported in 2007 that parts of the firm appeared to have no customers.

Mr. Madoff was interviewed at least twice by the SEC. But regulators never came close to uncovering the alleged $50 billion Ponzi scheme that investigators now believe began in the 1970s.

The situation is even more awkward because SEC examiners seemed to be looking in the right places, yet still were unable to unmask the alleged scheme.</em>

Oh, and now, we’re supposed to pony up money we ain’t got because Kevin Bacon and the Dreamworks crew lost some cash?

Screw ‘em.


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