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How the SEC Missed Madoff
Where was the Securities and Exchange Commission in the Madoff mess? The failure to spot the world’s biggest Ponzi scheme “is yet another black mark for the SEC and Chairman Christopher Cox,” Seeking Alpha’s Jeff Miller writes. Although Obama could appoint a new chairman before Cox’s term ends in June 2010, and Cox is being hammered for “not going after the budget authority needed to fulfill the enforcement responsibility…The issues facing the SEC are deeper than just the personnel,” according to Miller.
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Cry me a river.
Greedy money chasing even bigger money, blinded to the risk by avarice and greed. Fueled by a culture of a reasonable expectation of obscene returns. Quick money for all the penthouse dwellers too high-born to actually do something productive for a fair wage.
Madoff's clients are as much the problem as was Madoff. They are the reason us rubes in the hinterland have watched their 401ks and life savings evaporate.
So, how does it feel now that it's YOU who hurt?
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