The same Republicans who are now defending and in lock step with the Insurance Corporations, Boards and stockholders, whether in the Senate, House or former Bush staffers now in positions with these corporations, brokers or lobby firms, let Madoff and his ilk run riot.
It will be interesting to see how much play in the MSM this regulatory failure by the Bush Administration and similar overly Wall Street friendly supposed regulators in the Clinton administration actually gets, say compared to Birthers, Deathers, Michael Jackson's family, etc.
Will this story from the NYT die or be buried or will it be the focus of a real investigation of the looting of the investors of the country?
The uncovered story of the recent disaster of Corporate America, its Boards and Wall Street, including the promoters of it never being wrong, like the Wall Street Journal and business cable TV, is the long term destruction of the belief by the investor class that they--we---should return to investing in Wall Street, its mutual funds, 401's, etc.
Here is the latest example of why no one should return to investing in the stock market unless and until there is a complete house cleaning. Maybe Spitzer can earn his reputation back or some experienced and fearless academic can take over. I would let Congressman Barney Frank pick the person.
Here is an excerpt from the NYT that makes clear what has been going on and why no one with any money should return to the stock market.
It cites examinations of Mr. Madoff’s business done in 2004 and 2005 by the agency’s inspections office. In both exams, the staff "made the surprising discovery" that Mr. Madoff’s mysterious investment business was making far more money than his well-known wholesale brokerage operation. "However, no one identified this revelation as a cause for concern," the report says.
Even more surprising, the two exams were being conducted at the same time in different S.E.C. offices without either location being aware of the other’s action. It was Mr. Madoff himself who told one of the inspection teams that he’d already given the information they sought to the other team, according to the report
http://www.nytimes.com/...