Comments on: SEC “Botched” Madoff Inquiries – That’s A Comfort…

By: Rabble Rouser Reverend Amy

Rabble Rouser Reverend Amy — Tue, 08 Sep 2009 01:59:38 +0000

Thanks, Ani – I appreciate it.

And yes, Cahill is definitely right. What does it take to have people lose their jobs?? Just shocking…

By: Rabble Rouser Reverend Amy

Rabble Rouser Reverend Amy — Tue, 08 Sep 2009 01:57:46 +0000

YES, it should have, if not prison!! I mean, really, their lack of oversight cost billions and billions of dollars, literally people’s life savings. And they “regret” it?? Spare me…

By: Ani

Ani — Mon, 07 Sep 2009 18:51:47 +0000

Amen. You called it Amy.

And Cahil is right, until heads rolls for this kind of irresponsible lack of oversight, the standards will continue to be low.

By: Cahil

Cahil — Mon, 07 Sep 2009 16:21:39 +0000

Terrific article,Reverand.

And they say gov’t can’t run things effectively.

Isn’t this typical? And no one’s head rolls over this or is even embarrassed or ashamed enough to step down.

Can you imagine how great health care will be with shining examples like this to guide us?

By: sowsear

sowsear — Sun, 06 Sep 2009 23:43:24 +0000

This picture was released by the WH in early Aug., and then appears first in Great Britain early Sept. Strange trying it there first…

By: Ellen D

Ellen D — Sun, 06 Sep 2009 21:06:07 +0000

SEC Chairman (sic)Mary Schapiro said on Wednesday that missing the fraud “is a failure that we continue to regret.”

Shouldn’t that quote have been given from the UNEMPLOYMENT LINE???!!!

When was the last time ANYONE in Government was fired?
General MacArthur?

This is an area where I’d LIKE to see Unemployment numbers grow,

By: foxyladi14

foxyladi14 — Sun, 06 Sep 2009 19:24:32 +0000

they are sorry we are broke

By: Arabella Trefoil

Arabella Trefoil — Sun, 06 Sep 2009 17:27:13 +0000

Yeah, the ones I dealt with were more interested with interdepartmental gossip than getting the job done. In the midst of the free-for-all about hedge funds, the SEC people in the Metro NY area were more concerned with whether the Fairfield County area of CT was goint to continue to be covered by the Boston office, or would the New York office take over?

Finally, the Supreme Court decided that hedge funds did not fall under the jurisdiction of the SEC (so I can’t blame the SEC entirely.) But Greenwich CT is loaded with hedge funds. People were stealing money left and right, and the SEC was doing nothing.

By: Ferd Berfle

Ferd Berfle — Sun, 06 Sep 2009 17:02:54 +0000

“A failure we continue to regret”

Yeah, sure. What they really meant was, “We regret we continue to fail”.

By: Ferd Berfle

Ferd Berfle — Sun, 06 Sep 2009 16:59:55 +0000

You’re right about that.

The SEC is full of butt-covering, foot dragging bereaucrats.

I work for a major government contractor and know all about the recalcitrant bureaucrats. When they aren’t making unsound decisions, they’re building fiefdoms and sub-fiefdoms all the while covering themselves with their rice-bowl mentality and paper by the boatload.

By: Mountainaires

Mountainaires — Sun, 06 Sep 2009 16:58:57 +0000

Ah, yes….”mistakes were made.”

So sorry.

By: Arabella Trefoil

Arabella Trefoil — Sun, 06 Sep 2009 16:44:31 +0000

The SEC is full of butt-covering, foot dragging bereaucrats. Plus, a lot of the people who do the actual leg work have no concept of how investment managers work. As a consequence, they cannot judge what is important and what isn’t. People who look at the minutiae and not the big big picture are easily conned.

Small managers struggle to meet SEC requirements for ridiculous amounts of compliance paper work. This makes it harder for minority-owned and women-owned businesses to get a toe hold.

By: Ferd Berfle

Ferd Berfle — Sun, 06 Sep 2009 16:36:36 +0000

Wow, RRRA, you have done your homework. This is dumbfounding. The sheer incompetence of these boobs is mind-boggling. Inexperienced staff should have oversight. Where I work, I review all output from junior staff prior to release. To do otherwise would not be the fault of my subordinates but of me. Senior staff at the SEC should be canned for cause and a thorough house-cleaning should be undertaken.

No wonder the government is the butt of so many jokes. I’d laugh but I’m too preoccupied with weeping. Wow.

By: Arabella Trefoil

Arabella Trefoil — Sun, 06 Sep 2009 16:18:37 +0000

“A failure we continue to regret”

If Madoff hadn’t hurt so many people, this excuse would be funny. It’s so …. Obama-esque.

Thanks for picking this story out of the recycling pile, Rev. Amy. I’ll have to remember the precise wording. Even the “botch” minimizes the catastrophe.