Monday, September 7, 2009

Remember Madoff?

"Disgraced financier Bernard Madoff tried by turns to bully and impress the federal examiners who looked into his business, but the investigators managed by themselves to botch the probes and enable Madoff's multibillion-dollar fraud to continue for nearly two decades, a new report shows. . . The 477-page document paints in excruciating detail how the SEC investigations of Madoff were bungled over 16 years — with disputes among agency inspection staffers over the findings, lack of communication among SEC offices in various cities and repeated failures to act on credible complaints from outsiders that formed a sea of red flags. . . An SEC official who later would marry Madoff's niece told investigators this year that if he had carefully reviewed a complaint about Madoff's business, he would have investigated more extensively, according to the report."

"An SEC official who later would marry Madoff's niece"? He "later would marry Madoff's niece"? It sounds like he belongs in jail with Bernie, as well as some of his bosses.

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