Examining the Failure of The SEC–Madoff’s victims revealed UPDATE
Back in the day of Heloise living in Chicago with like-minded artists, circa early to late 1970s. Lovers of Bohemia were my best friends. It was here that we brought it to an artform–being penniless just before the welfare check and the food stamps roll in.
When you would ask your friend to do something or to go somewhere they would simply look at you and say “my money’s kinda funny right now.” You knew exactly what they were talking about. They were broke until welfare pay day. Voila, this category “When The Money Gets Funny.”
The money on the stock market thanks to greedy billionaires, oil speculators and shady investors has gotten very funny. Hedge funds and the subsequent scams by people like Bernie Madoff, who rewrote the definition of Ponzi scheme, has made not only his money real funny but the rest of the known world can also chime in: where’s my money?
What Madoff has done is akin to a Jewish financial holocaust. He has single handedly wiped out entire Jewish charities. He had help though didn’t he?
Madoff has the help of the feds in general and the SEC, securities exchange commission in particular, to create some real “funny money.” He floated paper like a Sicilian don with beaucoup bodyguards. Even though the commissioners didn’t get any of the cash they helped old Madoff make out like a bandit with billions under his money belt.
Heads should roll at the SEC, big heads and little heads www.msnbc.msn.com/id/28872450/
Thomsen faced grilling along with Lori Richards, who heads the SEC’s inspections division, and Stephen Luparello, the interim chief executive of the Financial Industry Regulatory Authority. FINRA, the industry regulator, was headed until last month by Mary Schapiro, President Barack Obama’s new SEC chairman. msnbc
These folks were grilled but no one was buying what they were cooking up in terms of explanations. There is only one solution: heads big and small should roll. With Mary Schapiro who was on the SEC during the time that probes had been initiated on Madoff, is safely on Obama Island after NOT overseeing a damn thing, there are others left. Think of the people on Wall Street or any street that would be lined up around the block to fill the seats, desks and places of these folks?
WTF happened? He has been probed since 1982!!! But no smoking gun has turned up or if it did its smoke quickly extinquished. Some see Schapiro as the SEC savior here’s a bio what little I could find:
EXPERIENCE — Chief executive officer of the Financial Industry Regulatory Authority, formerly NASD Regulation, since 2006; vice chairman of NASD Regulation, 2002-06; president of the organization, 1996-2002; chairman of the Commodity Futures Trading Commission, 1994-96; member of the Securities and Exchange Commission, 1988-94; general counsel and senior vice president for the Futures Industry Association, 1984-88; counsel and executive assistant to the chairman of the Commodity Futures Trading Commission, 1981-84; trial attorney for the CFTC in the manipulation and trade practice investigations unit of the enforcement division, 1980. San Francisco Chronicle (source)
I watched parts of the SEC hearings when the man, Markopolos, who wrote nearly a book on the Madoff scam was testifying. He said they couldn’t find first base in Fenway Park if you sat them there! Ouch.
He was livid even though he said he feared for his life. He was on Madoff like the Star of David on a German Jew, to no avail. Harry Markopolos can be found at this link from Huffpo
Granted we don’t really know what went right with the probe of the SEC. But we do know what went wrong and what doesn’t work: Doing nothing, hearing nothing, seeing nothing and not being where the action is. Wall Street is where the action is. And that might be a first but not final solution to this evil that has become the SEC. We the people can’t trust this government agency. It should be dissolved along with the people running it and really start over. WHen it starts over it should be tiered and include lay people on the board and bloggers too.
Mary Schapiro has a lot of answering to do for her lack of oversight and clearly lack of leadership. Has Obama put another unlit torch on the island? Hopefully she is one bright Jew who can smoke out the next Jew or any other nationality or race who so disgracefully walks all over the people to make a few billion bucks. This is not the only scheme they missed, it won’t be the last. But hopefully it will go down in history as the last greatest Ponzi scheme ever. Oh boy.
To go with that Oh boy is the full list of Madoff’s victims. It is a 163 pdf document at this link for the New York Post
Posted on February 5, 2009, in Uncategorized and tagged Federal government, Harry Markopolos, heads should roll, ponzi, SEC, securities exchange commission, welfare. Bookmark the permalink. Leave a comment.