In case you were wondering, it seems the SEC inspectors—who investigated Bernie Madoff no fewer than six times (in response to complaints) over the course of 16 years—weren't on the take; they were merely extraordinarily incompetent.
That’s according to a report by the SEC’s inspector general released yesterday. It sounds like these investigators were not only dullards of incredible density, but they weren’t capable of following a lead if it was playing Sousa & displaying eight-by-ten color glossy photos with circles & arrows & a paragraph on the back of each one explaining what each one is.
& Madoff managed to turn this ineptitude to his advantage by essentially assuring investors that his operations had been cleared multiple times by the Feds, so of course their money was safe…
Frankly, I don’t know which is worse—having oversight people who are smart but on the take, or just plain too stupid to detect their way out of a paper bag. Either way, we get screwed.
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