Why the SEC Didn't Catch Madoff

Stock and Bond Fraud, including Boiler Rooms / Pump and Dump Schemes, Mutual Fund & Hedge Fund Fraud, FOREX scams, plus Churning, Private Placements, Venture and Bridge Funding, IPOs, Viaticals Fraud, HYIP and Prime Bank scams, MTNs, Historical Notes, Recovery Schemes, etc. Includes the Jim Norman Project and the Michael Dotson Project and similar HYIP scams.
User avatar
wserra
Quatloosian Federal Witness
Quatloosian Federal Witness
Posts: 6363
Joined: Sat Apr 26, 2003 7:39 pm

Why the SEC Didn't Catch Madoff

Postby wserra » Wed Feb 03, 2010 10:30 pm

http://www.washingtontimes.com/news/2010/feb/02/sec-workers-investigated-for-viewing-porn-at-work/

As a friend of mine put it, the reporter who wrote this piece obviously never heard of the SEC's secret porn-investigation division, SECSEE.
"A wise man proportions belief to the evidence."
- David Hume

Judge Roy Bean
Judge for the District of Quatloosia
Judge for the District of Quatloosia
Posts: 3540
Joined: Tue May 17, 2005 7:04 pm
Location: West of the Pecos
Contact:

Re: Why the SEC Didn't Catch Madoff

Postby Judge Roy Bean » Thu Feb 04, 2010 12:05 am

CaptainKickback wrote:So if a company of ~3,000 can have its IT people do this, why can't the SEC or the federal government? Is it that they are lazy? Stupid? Both?


You might have overlooked the government contracting and procurement processes. :oops:
The Honorable Judge Roy Bean
The world is a car and you're a crash-test dummy.
The Devil Makes Three

Brandybuck

Re: Why the SEC Didn't Catch Madoff

Postby Brandybuck » Thu Feb 04, 2010 1:30 am

Commenting on your title, the answer is simple. Perfect crime prevention does not exist. The assumption that the SEC can prevent all possible financial crime is wrong. It's like assuming the police can stop all murders. We don't have enough cops to police everyone's behavior 24 hours a day (and even if we could we would NOT want to). Ditto for the SEC. It simply does not have the manpower to pour over every financial document produced. Increasing its power every time a financial crime occurs is like giving the police more armaments every time a murder occurs: that eventually results in a police state.

The best defense remains an assumption of innocence and harsh punishment for those found guilty.

User avatar
Demosthenes
Grand Exalted Keeper of Esoterica
Posts: 5773
Joined: Wed Jan 29, 2003 4:11 pm

Re: Why the SEC Didn't Catch Madoff

Postby Demosthenes » Thu Feb 04, 2010 1:43 am

It simply does not have the manpower to pour over every financial document produced.


vs.

The work computer of one regional supervisor for the U.S. Securities and Exchange Commission showed more than 1,800 attempts to look up pornography in a 17-day span: "It was kind of distraction per se," he later told investigators.
Demo.

Brandybuck

Re: Why the SEC Didn't Catch Madoff

Postby Brandybuck » Thu Feb 04, 2010 4:33 am

The number of financial documents produced per microsecond dwarfs that 1800.

p.s. Of course, I am of the opinion that surfing the intertoobs for pr0n is a better use of my tax dollars than are the usual SEC functions.


Return to “THE DILIGIZER BOARD -- Securities Fraud -- Due Diligence in Finance”

Who is online

Users browsing this forum: No registered users and 1 guest