THE BAD NEWS
THE WSJ REPORTS--Today the Financial Industry Regulatory Authority (FINMORON) issued a report on an internal investigation into why it, like the SEC, missed so many red flags about the Bernard Madoff investment fraud and the allegedly fake certificates of deposit sold by R. Allen Stanford’s company. It turns out the biggest flag of all in the Stanford case was a five-page letter the SEC’s Fort Worth office sent to FINMORON'S Dallas office in July 2005, suggesting an investigation of a “possible fraudulent scheme.” The letter called the CD’s returns “too good to be true.”
It’s pretty much impossible to explain why the SEC wasn’t doing the investigation itself, or why and how Finra failed to effectively follow up.
THE EVEN WORSE NEWS
Mary Schapiro, the genius who ran FINMORON is now the genius who runs the Securities Exchange Commission. So we will never get to the bottom of this. Will we?
BTW
Who served on the Compliance Commitee of FINRA? Shana Madoff, the head of Compliance at Madoff Securities and Bernie Madoff's niece. Nice!!
Yo!!!!!! President Obama, wake up dude!!!!!!!!
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