S.E.C. Issues Mea Culpa on Madoff

  • Koaa2

    Posts: 1556

    Dec 17, 2008 11:57 AM GMT
    "The commission said it received credible allegations about the scheme at least nine years ago and will immediately open an internal investigation to examine why it had failed to pursue them aggressively."

    http://www.nytimes.com/2008/12/17/business/17madoff.html?_r=1&ref=business

    Another Bush Administration disaster. hope no one had their money in this mess.
  • GQjock

    Posts: 11649

    Dec 17, 2008 11:58 AM GMT
    Why don't they just put a Big Blinking Neon Light ... that says
    GAMBLING HALL

    ...and just call it a day
  • Koaa2

    Posts: 1556

    Dec 17, 2008 4:30 PM GMT
    I think so, seems like that is all that it has been.
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    Dec 17, 2008 5:14 PM GMT
    Ever notice that every stock market boom/bust has its' crooks? Milken in the 1980s, Enron and Worldcomm during the late 90s and early 21st century, now Madoff. In the 1920s boom there were investment trusts that bilked investors of hundreds of millions. Can you spell S-O-C-I-O-P-A-T-H?
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    Dec 17, 2008 5:43 PM GMT
    NNJfitandbi saidNine years ago Clinton was President, not Bush.


    Correct, but at the end of that Administration, and these investigations take many months, often years. Bush cut back the SEC, and tried to get people in there who shared his Republican anti-regulation philosophy.

    But while ignoring Madoff's billions in theft from others, during the same period the SEC did manage to nail that infamous enemy of the people, Martha Stewart, for avoiding $51,000 in stock losses with insider information. Priorities, priorities...
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    Dec 17, 2008 5:48 PM GMT
    The SEC srewed up, but remember business shysters are an unfortunate part of any economy. Not just the US but Europe, Asia and Canada have all had them. Some people are greedy, and worse, unethical.
  • GQjock

    Posts: 11649

    Dec 17, 2008 11:28 PM GMT
    This wasn't just some "business sheister" that sold some fraudulent land deals
    This is a man who made 50 BILLION dollars disappear
    and you think that this isn't going to have an effect on You?

    Think again

    Some of the world's biggest banks have been hit by one of Wall Street's biggest alleged frauds which has lost an estimated $50m.

    Three European banks yesterday announced a total of about $3.8 billion in exposure to an investment fund run by Bernard Madoff, the US investor accused of running a $50 billion "Ponzi" scheme.
    http://www.irishtimes.com/newspaper/breaking/2008/1215/breaking89.htm
    http://news.bbc.co.uk/2/hi/business/7783236.stm
    http://www.usnews.com/articles/opinion/2008/12/17/top-5-banks-hit-hardest-by-the-alleged-madoff-fraud-so-far.html?s_cid=rss:top-5-banks-hit-hardest-by-the-alleged-madoff-fraud-so-far
  • Koaa2

    Posts: 1556

    Dec 18, 2008 3:27 AM GMT
    These people will all claim bad business losses, and we will pay for it! We will get fucked again, and not in the good way.