So recently we've been hearing that there just aren't enough regulations of investment firms and "big business". I submit there are plenty of rules and regulations and plenty of Government oversight, but the Government doesn't do its job. Despite numerous letters written to the SEC, Bernie Madoff was still able to get away with his ponzi scheme. Do you think any of the Federal employees will ever be held accountable for dropping the ball? Hell no!
Here's one of the letters sent to the SEC in November 2005 warning the SEC about Madoff.
Here is the Executive Summary to SEC Inspector General David Kotz. Please read the second paragraph!
Part I and Part II of a great blog about the executive summary.
No comments:
Post a Comment