Federal Regulators Repeatedly Failed to Stop Bernard Madoff

[Azure]

The embarrassing saga of federal regulators’ failure to stop Bernard Madoff’s multibillion-dollar Ponzi scheme despite multiple inquiries and tips provides a very timely lesson.



This week, the Securities and Exchange Commission (SEC) released a 477-page report admitting that it overlooked repeated tips and red flags on Mr. Madoff dating all the way back to 1992. At that time, the SEC investigated two Florida accountants who had funneled dollars to Madoff, but curiously chose to prosecute the accountants while taking no action against Mr. Madoff.


According to their new report, no fewer than 25 people “relied upon the SEC’s 1992 public statement that there was nothing to indicate fraud” and consequently reinvested directly with Mr. Madoff.



This was only one of many examples of bureaucratic incompetence.

http://cfif.org/v/index.php/commenta...over-our-lives

lol.

Hard to believe, right?