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As Congress rips witnesses from the SEC about its failure to discover the Madoff scheme, you should take note of what it really shows: The SEC is an empty regulator. The SEC did nothing to notice, much less stop Madoff’s outrageous theft. Madoff took the money, made up statements, and kept it going for years and years. Yet, the SEC missed it, denied it, avoided it, and did nothing to protect those more than 13,000 bilked investors. Yet, theft is the more outrageous way that investors lose money. Usually, it is self dealing, self interest, lack of disclosure and even lack of effort to help investors that causes so many of the stunning losses we see in people’s accounts. These kinds of wrong doings result in just as serious harm to people and their security. But this type of wrong doing is much more subtle and sophisticated than taking money and printing false statements.
If the SEC can’t catch Madoff, do you think they can catch the more subtle yet sgnificant wrongs to people accounts?
