rationalwalk (< 20)

SEC Madoff Failures: Outlier or Systemic Problem?

September 03, 2009 – Comments (2)

SEC Madoff Failures: Outlier or Systemic Problem? By Ravi Nagarajan
Published on September 3, 2009 at 2:35 pm

The Securities and Exchange Commission has now admitted what has been obvious to anyone paying attention over the past several months:  Inspectors utterly failed to detect Bernard Madoff’s massive Ponzi scheme despite numerous warnings over a sixteen year period that something was amiss.  The Wall Street Journal reported on the contents of the “executive summary” which was posted on the SEC site on September 2 (download the 9.5 MB pdf document by clicking on this link.)  [more]