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Tag: inept

Even Madoff Indicates the SEC Was Inept at Catching Him

Bernie Madoff/facebook photo

Bernie Madoff/facebook photo

By Allan Lengel
ticklethewire.com

The latest evidence that, Yes, the Securities and Exchange Commission was totally inept when it came to investigating Ponzi schemer Bernie Madoff comes from Madoff himself.

In a transcript of a jailhouse interview released by the SEC’s Inspector General on Friday,  Madoff says of detecting a Ponzi scheme: “Yes, it’s very easy if you want.” The interview was conducted June 17, 2009 by SEC Inspect. Gen. David Kotz and Deputy Inspector General Noelle Frangipane

Madoff said young investigators spent too much time focusing on emails and missed some elementary steps that would have exposed his wrongdoing.

The SEC document said: “Madoff stated that the SEC could’ve gone to counterparties, and if they had, they” would’ve seen it,” adding, “they didn’t do any of that.” He stated that “it’s the only thing to do,” and clarified, “If you’re looking at a Ponzi scheme, it’s the first thing you do.”

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