Wednesday, December 17, 2008

I wouldn't be saying much, either.

But I would be looking for a new job. Possibly flipping burgers. In Pakistan, if necessary.
Madoff may have fooled more than investors. He apparently also conned the nation's top securities regulators, who investigated his business last year and found no evidence that he was running a $50 billion scheme.

The SEC's enforcement division looked into Madoff's business in 2007. The agency did not refer the matter to commissioners for legal action. What did the investigators find and why didn't they look harder? The SEC isn't saying anything beyond a brief statement it issued Friday revealing the 2007 probe.
Those $50,000,000,000 Ponzi schemes are just soooo hard to spot.

Of course, when a Madoff runs a gigantic Ponzi scheme, it's a felony. When The Greatest Deliberative Body in the World runs a giant Ponzi scheme, it's called Social Security.

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