Saturday, June 27, 2009


NYT--"This Monday, Bernard L. Madoff, a contender for the title of greatest financial criminal in history, will be sentenced for the Ponzi scheme he ran for years. Mr. Madoff ruined lives, destroyed philanthropies and cost his investors billions of dollars — yet the S.E.C. was nowhere to be found, despite the repeated entreaties of a whistle-blower, Harry Markopolos."

Why is it that we still have not learned why the SEC decided not to pursue a case against Madoff? This is the 150 year mystery.


Who’s the next biggest culprit of them all?

Not we, said the Madoff family.

Not we, said the Chairmen of the Fed that fostered the public fixation on bubbly returns and pumped the economy full of the exuberance of cheap leverage.

Not we, said the Chairmen of the SEC, who turned a blind eye to Wall Street excess and a deaf ear to a lone whistle blower.

Not I, said Uncle Sam, the one who collected inflated taxes from duped investors but let the regulatory system wither into a shriveled rag.

Not we, said the Congressman who wrote laws emasculating the finest regulatory system in the world.

Not we. said the NASDAQ shareholders who gave Madoff street cred by electing him Chairman of the Board.

Not we, said the bankers and fund of fund managers who blindly sent their client’s monies to a common thief without any effort resembling prudent due diligence.

Not we, said the accountants yet again.

Not we, said the financial media that spent more time pumping the bubbles than investigating the markets.

Not we, said the country clubbers and wealthy idiots who told all their cronies that being a Madoff investor was the most exclusive club of all.

Not we, said the charitable fiduciaries that allowed their precious endowments to be managed by a scoundrel.

Not we, said the pseudo-sophisticated investors who allowed themselves to be duped into thinking that monthly and annual absolute returns are the norm and not the exception, let alone a fantasy.

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