Posted on 12/16/2008 5:09:03 PM PST by NormsRevenge
WASHINGTON – Staff at the Securities and Exchange Commission failed many times over a decade to fully investigate credible allegations of wrongdoing by money manager Bernard Madoff, the head of the SEC says, calling it a serious agency breakdown.
SEC Chairman Christopher Cox said he is "gravely concerned by the apparent multiple failures" by staff to look into claims about Madoff's business and to seek formal authority to investigate.
(Excerpt) Read more at news.yahoo.com ...
Madoff had auditors signing off on the statements?
Maybe Cox should run a simple Grantee/Grantor search or credit report on his staffers....
Cox was my congressman - useless here and useless at the SEC.
Can I assume O can replace him?
Is this the same SEC that failed us in the matter of FannieMae and FreddieMac? Why aren’t heads rolling at this den of incompetence? OH, government bureaucrats don’t get fired for incompetence! Excuse me. I must have lost my head for even thinking so.
The “colossal failure of epic proportions” defense does not work anymore. Cox is in charge. Cox blew it. If he is not honorable enough to remove himself, WE must see to it that he is removed.
The fox has been guarding the hen house.
Yeah but they jailed Martha Stewart. That was their major coup of the century.
Chris Cox — master of the obvious.
Cox and Paulson have done more to damage the reputation of the GOP as competent stewards of money and wealth than any other two political appointees in history.
If Bush had a pair of brain cells to rub together between his ears, he would have thrown both of these idiots out of their positions in September, when it appeared that they were going to be the financial equivalent of Brown at New Orleans.
cox will be gone very soon
The SEC is like the police. They investigate when there are complaints. Presumably, the investors who thought they were receiving 12% a year, and could withdraw their money at any time, did not complain much.
How is that naked shorting going cox/ Or maybe you could reinstate the uptick rule on shorting you moron. You helped elect O and helped Soros take the country over.
brain cells? in bush? the thought is unimaginable.
Yes, but the firm was in Palm Beach FL and only had 3 employees ... one of which is 78 years old.
You may draw your own conclusions.
Two possible reason for the SEC not to have investigated Madoff.
1) Payoffs to SEC staff.
2) SEC management did not want to investigate Madoff due to his ‘influential’ investors and the trouble they would created for the SEC staff. Did you see the who’s who of Madoff investors? Any attempt to have audited Madoff who have resulted in ‘politically correct’ lynching.
Madoff and Levitt were bosom buddies.
And don’t forget that violently dangerous criminal, Leona Helmsley who was jailed.
/s/
Did the auditor firm lawyer up yet?
I vote for your door number 2.
Cox should be sacked, re-hired, and sacked again.
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