How Bad Did the SEC Blow the Madoff Ponzi Scheme?

EconomicPolicyJournal.com ^

[Zuben Elgenubi]

From today's Wall Street Journal: Fees, Even Returns and Auditor All Raised Flags.

[Grut]

Not to defend the SEC, but it does look as though the financial press weren’t very interested, either. This new focus of theirs is very much after-the-fact.

[unixfox]

"Madoff Securities is the world's largest Ponzi Scheme,"

Uh, not quite. The Social Security system of The United States is by far the world's largest Ponzi Scheme ever created!

[Carley]

The United States government has the power to tax so they can continue to fund their schemes.

Madoff will simply spend the rest of his days in prison.

[kempo]

Not just Social Security, all of the U.S. government is run like a Ponzi Scheme.

[unixfox]

Madoff will simply spend the rest of his days in prison.

I would say most of our politicians should spend the rest of their days in prison as well.

They're all crooks if you ask me.

[trtdenver]

Bravo, unixfox! I had not even considered the social security program. Well done.

[unixfox]

Well, as kempo said...

Not just Social Security, all of the U.S. government is run like a Ponzi Scheme.

[lilylangtree]

SEC is fed govt for cryin’ out loud. They’re the last to know anything due to the nature of bloatedness bureaucracy.

[fkabuckeyesrule]

I work in a job where I get alot of e-mails for mutual fund and equity market value updates. The past few days I’ve received atleast a dozen e-mails where the fund company lets their investors now that they had absolutely no investments in the Madoff group.

[Gatún(CraigIsaMangoTreeLawyer)]

“They were doing what they always do, respond to political pressures, re-announcing absurd rules to fight the financial crisis and launching absurd show trials against the likes of Mark Cuban.”

1999...This was during Clinton’s time.

hmmmmm.

[tiki]

I agree completely.

[CRBDeuce]

Cox’ Legacy as the consummate pawn of the 2006 Dem Congress has damaged President Bush’ Legacy beyond repair. The devil himself could not have been a more sinister creature! While the stage was set nearly 8 years ago, as the SEC (unwittingly or knowingly) hired a slew of the 600 Algore lawyers when they left Florida! Hundreds of volunteer scum moved from an attempted theft of an election directly to the focus of financial malfeasance, the SEC! Who knows maybe Cox was not intelligent enough to know he had that core of crooked lawyers ‘helping him’ this year to bring on a near Depression, but something tells me otherwise! Starting last July, when the SEC canceled both the uptick rule and ‘required delivery within 3 days of shorted shares’, allowing ‘naked shorting’ for the first time since the Depression! We've all been witnesses to the ‘scene of the crime’ since last October when the rules were fully in place! With a friend like Cox, President Bush again shows he doesn't need enemies! Cox, as the Short's guardian angel has thrown the average investor under the bus.

Meanwhile, Soros and his short minions finally bailed out at the end of last month, after reaching their objective (Making bundles of blood money and conning half the country into believing it was time to throw the Repubs out of office). Time will tell how soon after Jan. 20 THE FIX gets put in and shows Obama to be ‘the Savior’ he believes himself to be! (When the problem is created by a government pen, it can be solved by a government pen). This time, though, the communist caucus may have gone too far in their attempt to overthrow a country!

[Gatún(CraigIsaMangoTreeLawyer)]

P.S.

But to be fair, it went on for 9 years more right through Bushe’s term.

hmmmmmm.

[CRBDeuce]

Madoff will simply spend the rest of his days in prison.

...or until Jan 21 when he'll be pardoned so he can get back to his Democrat Fund Raising duties!

[Gatún(CraigIsaMangoTreeLawyer)]

Post #14.

Thank you for your comments.

[Gatún(CraigIsaMangoTreeLawyer)]

Bushe’s = Bush’s

[Ann Archy]

Cox should resign.

[Gaffer]

Effectively, yes. However, a Ponzi scheme implies some sort of willing investment on the part of the fools parting with their money. In the SS scam, we are not willingly 'parting' with our money; it is taken from us without our consent.

In the quest to remain alive, the old will suck the life out of the young.