Duude

Don't Be Scammed by Madoff Investor Sob Stories

TomF75:

I watched an interview with Arthur Levitt the long running SEC chairman under Clinton. It was asked of him about the SEC response under Cox but also under himself because the call for investigation of Madoff went back to the mid 1990's. He said regulators will always react after the fact. Its because they are set up and manned to regulate. Investigation only comes after its exposed. Unfortunately, they aren't the ones that expose it. This is a judge of the attorney general of the state of New York. That is their domain. Neither Guiliani nor Spitzer did any investigation of the Madoff scheme.


On Dec 22 04:42 PM TomF75 wrote:

Don't Be Scammed by Madoff Investor Sob Stories

On Dec 21 05:31 PM You are clueless wrote:

> Where is the SEC? We pay taxes for Government services
> to regulate and help the American people. Clearly it did not work!!

How many of you get audited every year? How about in the last 15 years. My guess is very few have ever had an audit. IRS looks for red flags, but without that they only audit a small percent of all taxpayers every year. Seems crazy considering the wealth of revenue that would be produced both by recouping monies denied and also by scaring more taxpayers into being more honest. The fact is the federal government can't support all the auditors it might take even if it means more revenue.
So how can we expect the government could ever regulate our way to a future protection us from a ponzi scheme. Criminals will always circumvent the system. This is all about buyer or investor beware. These investors, many of them professional, did not do any due diligence. They rested in the assurance that Madoff had been around a long time and was practically seen as an institution. That's their due diligence. I'm not saying we don't need regulation. We need smart regulation, but their has never been a criminal who couldn't separate a sucker from his money.