Lots of computers and bright folks working for Madoff that is sorta looks like one of thoes 'boiler room deal making NIGHTMARES. What happens to the folks that helped it happen?
When is the structuring of the financial world going to reflect reality rather than, "Have I got a deal for you."
There was no protecting from this. He was eminently qualified to be carrying out independant investments. I sincerely believe the SEC has been watered down in its authority so much by this administration that it can't do anything, no different than the FDA. I mean you have to know that when two 'oily' men, one from Texas Oil and one from Halliburton get away with the crimes they committed, it has to be because the laws governing such issues have been changed and nullified. So, to completely point a finger at the SEC isn't prudent either, so much as allowing them to be scapegoated. Their authority has changed drastically under this adminisration and all that has to be examined as well.
The sad reality is that the SEC might have been told to 'do nothing' because of the size of the accounts involved, $50 billion. An investigation that would actually derail that much money could cause the Bush White House a whole lot of economic headaches all by itself. How much of what Madoff was involved in was given a 'nod' for the sake of stabilizing economic disaster. Basically, Madoff wasn't reporting his losses. He wasn't putting forward an honest 'balance sheet' and if he did there would be calamity every place, especially for him.
This is just too big a 'con' to look the other way. I am sure there are issues that reach into government, but, the question is to whom and for how long.
