Ping!
They should not publicize one word this POS has to say. Just keep Mr. Big Shot in his cell and let him rot.
Madoff and others like him were allowed to continue because what they were doing was corrosive to the trust that holds this society together. If your intent is to kick the slats out from under a culture that depends upon legal and moral certainty, then what better way to undermine it?
All you have to do is to ignore and dare I say, encourage the sort of fraud and thievery that Madoff engaged in. Madoff had flags waved again and again and nothing was done.
Think about it.
No Shiite!! I smell a RAT.
the Bush administration was derelict
in economic matters
the voters took revenge
on the Republican party
The “problem occurred when I made commitments for too much money and then I couldn’t put the strategy to work,” Madoff told SEC Inspector General H. David Kotz in a June 17 interview described in a report yesterday. “It was my mistake not to just be out a couple hundred million dollars and get out.” ..... Kotz faulted the agency for inadequately pursuing tips, assigning inexperienced staff to conduct reviews and failing to seek trading records that would have revealed the scam. ..... “I had a European bank, I was doing forward conversion, they were doing reverse conversion,” Madoff said without elaborating. He said when the strategy went bad, he thought, “I’ll just generate these trades and then the market will come back and I’ll make it back. And it never happened.” SEC investigators have said Madoff and employees at his New York-based firm, Bernard L. Madoff Investment Securities LLC, used a variety of ruses, such as creating sham trading records, to avoid detection of the fraud. Madoff told Kotz that SEC Chairman Mary Schapiro was a “dear friend” and that he knew former chairman Arthur Levitt “very well,” according to the interview exhibit. ..... SEC Commissioner Elisse Walter was called a “terrific lady” by Madoff, who said in the interview that he knew her “pretty well.” ..... Though the report describes dozens of contacts between Madoff and senior SEC officials, it doesn’t find that managers improperly influenced or interfered with inquiries. Nor did Kotz find that an SEC employee’s romantic relationship with Madoff’s niece had any affect on the agency’s examinations. Instead, Kotz said the SEC failed to scrutinize Madoff during a 1992 probe of a firm that funneled him money. Years later, employees failed to scrutinize his consistently strong profits, didn’t press harder when they caught him in lies and abruptly ended an examination to focus on mutual-fund abuses. ..... Bernard L. Madoff said his multi- billion-dollar Ponzi scheme started when a legitimate investment strategy went bad and he tried to cover up, according to an interview with the U.S. Securities and Exchange Commission.
Maybe David Kotz could look at his SEC report and find many of the same "failures" that he found in SEC investigations.