Is Anyone Paying Attention At The SEC?
‘Watchdog’ Agency Settles Civil Suit With Bernie Madoff But Biggest Pyramid Scammer in History Doesn’t Have To Admit Wrongdoing
Brilliant.
After investigating Bernie Madoff — twice! — and not finding anything wrong, even though people with even less access were able to figure out his scam and publish their findings in the Wall Street Journal, the SEC settled their civil lawsuit with Bernie Madoff yesterday with the neat little twist that Madoff didn’t have to admit to any wrongdoing.
I want to meet the judge that signed off on this deal. What was that hearing like?
Judge: “Okay…let me get this straight, guys. Mr. Madoff claimed he was generating 12% returns for more than a decade and yet he didn’t make a single trade. And then when people went to get their money — all of a sudden, $65 billion was missing. And there’s no wrongdoing here. No problem … I sign on this line here, right?”
As a judge, aren’t you supposed to at least arch an eyebrow at this kind of nonsense? Or do you just meet with the lawyers later at a bar and have a good laugh about finally settling that pesky case that was sooo complicated and taking up so much of everyone’s time.
Somewhere in Africa there’s an ostrich saying, “Damn! I didn’t know you get your head that far into the sand.”
In a related story, the SEC announced they had named Caylee Anthony’s mother Parent of the Year.
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“I know. I can’t believe it, either…”
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Image: Zuma Press
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