Was the SEC bought off by Madoff or were they just too busy beating off to all that internet porn to do their?
It's either one or the other. They received numerous warnings from an analyst who was extremely detailed in his reports... they were either paid off or too busy getting their nuts off. These guys were downloading porn for up to 8 hours a day in some cases.
- Joe FinkleLv 71 decade agoFavorite Answer
The SEC under Bush was not able to launch any investigations without approval from the political appointees. Those appointees say enforcement as something that stifles business and tended to err toward less scrutiny. The talented career professionals at the SEC, some of whom I happen to know (not the ones implicated in the scandal, that's a small though high level portion of the organization), were essentially powerless for 8 years while the Madoff tips were coming in. As of the last contact I had with the organization, about a year ago, it was just starting to become effective again.
- MathsorcererLv 71 decade ago
I don't know if they were bought off by Madoff but the folks at the SEC were *clearly* not paying attention to anything except their online activities.
At least Germany has the guts to ban short sales, which should be illegal in the first place. If you don't own it then you can't sell it.