As if the economic meltdown, the dog-and-pony shows from Detroit and Wall Street, and the Federal Government’s ham-handed attempts to regain control over the nation’s finances were not bad enough: Former NASDAQ chairman and respected money manager Bernard L. Madoff, has for years been running what is possibly the largest Ponzi scheme ever--$50 billion. When I read about it, I was not surprised. Madoff’s crime was merely one of the various crimes and crises that have afflicted Wall Street over the last decade. It was not the first to come to light and I promise you, it will not be the last.
The SEC Surprise
What was a surprise was a story on Yahoo News that reported:
On Tuesday night, [Securities and Exchange Commission] SEC Chairman Christopher Cox ordered an internal investigation of what went wrong and offered a scathing critique of the conduct of his staff attor... [Read Full Article]