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Madoff had considerable influence at the SEC, so the SEC allowed Madoff to author its loophole. Then the SEC named the loophole after him. It was called “the Madoff Exemption.”
The Securities and Exchange Commission "never properly examined or investigated" Bernie Madoff’s trading and "never took the necessary, but basic, steps to determine if Madoff was operating a Ponzi scheme," the SEC’s inspector general says in a report released today. The agency, the report says, fumbled "numerous credible and detailed complaints" that could have uncovered the $65-billion scheme, which mushroomed for 16 years until Madoff confessed in December. Rating :
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Madoff advised taking a casual approach in dealing with...
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dgreenfeld1... |
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22-Oct-09 12:45 pm |
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