February 21, 2009

Administrative Issues

Filed under: doom,fail,losers — mhoye @ 9:39 am

Funny thing:

Statement Regarding Madoff Investigation

Washington, D.C., Dec. 16, 2008 — Securities and Exchange Commission Chairman Christopher Cox issued the following statement today concerning its ongoing investigation in the case of SEC v. Madoff:

[…] In response, after consultation with the Commission, I have directed a full and immediate review of the past allegations regarding Mr. Madoff and his firm and the reasons they were not found credible, to be led by the SEC’s Inspector General. The review will also cover the internal policies at the SEC governing when allegations such as those in this case should be raised to the Commission level, whether those policies were followed, and whether improvements to those policies are necessary.


By Carlyn Kolker, Thom Weidlich and Oshrat Carmiel

Feb. 20 (Bloomberg) — Bernard Madoff, who sent his clients thousands of receipts purporting to document their trades, has left no trace of buying any securities for customers for as much as 13 years, the trustee liquidating his securities firm said.

“We have found no evidence to indicate that securities were purchased for customers’ accounts” for “perhaps as much as 13 years,” said Irving Picard, the trustee liquidating Bernard L. Madoff Investment Securities LLC. It was “cash in and cash out,” he said.

So, from when the first complaint against Madoff was lodged in 2000 up until it all unravelled late in 2008, the SEC was unable to detect that he hadn’t actually bought or sold any securities at all since 1996.

I’ve got a longstanding theory that Republicans are only concerned about crimes that are committed by minorities. You know, if a fireman stated, in his job interview, that it’s better to just let homes burn to the ground because it’s the owner’s fault anyway, I would expect him not to get that job. Likewise a prospective cop who’s told you he won’t get out of the squad car unless there’s a donut in it for him or a doctor who claims you that getting sick is just what God’s got in store for some people and you shouldn’t interfere with that. But that’s what happens when you elect small-government conservatives. They get put in charge of a critical regulatory and administrative body that they state, outright, should be castrated and marginalized, and then act surprised when everything has gone to hell.

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