Report Abuse
You have chosen to report the following comment as abusive, offensive, or inappropriate.
Joyce, read the info from the link you provided and saw nothing there that would have dissuaded anyone from Madoff Investments - the article was about <br> opinions on electronic trading which was a wholly separate, successful and well-run Madoff operation that had nothing to do with his Ponzi investment <br> scheme.<br> <br> Chuck, remember that Madoff Investments weren't publicly available (invite only or through "connections") and that was part of the scheme. Most all <br> investments were made because a "friend" was so happy with their results that the new investor often begged them to help get into the plan. I don't disagree with personal liability for personal actions - just that the SEC did not meet its charter. Still, fraud/theft is quite different than a poorly-performing investment ....<br> <br> BTW, have heard from a lot of Madoff investors and not one had any concerns since the gains weren't "crazy" and the transaction information always appeared to be valid. Just look at the list of heavy investors - plenty of very bright financial people. This wasn't about "greed" as much as stability and <br> risk-abatement.<br> <br> The SEC is not just responsible for "regulating." It is also responsible for investigating potential problems and that is where it fell woefully short. As a result, since there are at least 8,000 claims that are going to made to SIPC for recovery, SIPC (funded by brokers) will be drained and the SEC will have to cough up a billion dollars to further support the claims (still only enough to handle 4,000 claims). The SEC will then have to go begging to Congress for another $2 billion to satisfy the claims - all because the SEC did not do its job. If you are interested in this matter, here are some "good" links on how the SEC failed:<br> <br> http://online.wsj.com/documents/Madoff_SECdocs_20081217.pdf<br> http://www.washingtonpost.com/wp-dyn/content/article/2008/12/15/AR2008121502971_pf.html
By Bob
Search Boortz.com
