SEC chief blames staff for Madoff scandal

[highnote]

SEC Chairman, Christopher Cox, blames his staff for not bringing the Madoff matter to his attention.

I say heads should roll at the SEC starting with Cox's. He is the leader of the agency and resposibility ultimately falls on him.

Blaming his staff shows he is a weak and ineffective leader. He needs to be shown the door.

[plainolebill]

The new American paradigm: The buck doesn't stop here. (it wasn't me mom)

[Tom]

Who gives money to a guy named "Made off?" :eek:
Who were his partners, Pilfered and Swiped? :lol: (Leno)

[RaceBookJoe]

Who gives money to a guy named "Made off?" :eek:
Who were his partners, Pilfered and Swiped? :lol: (Leno)

Dont forget the attorneys....Dewey, Cheatum, and Howe.

[Tom]

I thought they were "Gimme, Moore, and Nowe."

[DJofSD]

SEC Chairman, Christopher Cox, blames his staff for not bringing the Madoff matter to his attention.

I say heads should roll at the SEC starting with Cox's. He is the leader of the agency and resposibility ultimately falls on him.

Blaming his staff shows he is a weak and ineffective leader. He needs to be shown the door.I was just reading this on the Yahoo financial page. Cox is a putz. I have been complaining about him for years and recently CNBC's JC has railed about him. If there's one person in the current administration that should be pursued, legally, for his failings while it office, this is the person.

[delayjf]

DJ,

I agree with you, Cox should go. but this was reported to the SEC as far back as 1998. Anyone know how long he has been running this scam.

[Tom]

This is a rhetorical question, but is there anyone in government who actually does his or her job? Is everyone a lazy lying thief?

Will anyone ever feel safe investing in anything in this country ever again?
I'm glad I'm nearing retirement - at about 90-95 :rolleyes: - because I sure have zero faith in this country, either government or business. If I could take all my ( what's left) of my IRA out, I would and not invest it in anything, other than maybe a gun or two.

Is this game called the USA done? I think so. We have sunk too low to recover, and I see essentially no leadership at any level on the horizon.
I trust no one, and never will again. Only trust your gun and your aim.

[Marshall Bennett]

How many more of these scams will surface as worried investers begin asking for their money , wondering if they've been scamed as well ? What percentage of investors in each scam would it take , by pulling out , for the shit to hit the fan ? I'd venture to say , not many .

[riskman]

How many more of these scams will surface as worried investers begin asking for their money , wondering if they've been scamed as well ? What percentage of investors in each scam would it take , by pulling out , for the shit to hit the fan ? I'd venture to say , not many .

http://www.minyanville.com/articles/nasdaq-debt-Deficit-SEC-congress-regulation/index/a/20353/p/1

"There is a much bigger Ponzi scheme being conducted by the US government. It’s called the national budget. Mandatory spending for agriculture subsidies, unemployment benefits, civilian and military pensions and health benefits continues to grow. The Ponzi aspect of this system lies in the fact that we continue to pay out benefits by printing money. We’re currently obligated to pay $53 trillion that we do not have.
Social Security has run at a surplus since its inception. But our trustworthy leaders have spent all of those surpluses in order to keep the Ponzi scheme going. Then we have Medicare and Medicaid which at some point will be in trouble. As entitlements and net interest grow, discretionary spending gets squeezed. Non-defense programs, which include activities related to children, transportation, infrastructure, education, training and research to promote future economic growth and prosperity are crowded out. We can make no investment in the future because we’re forced to honor commitments made decades ago. The Government Accountability Office provided a troubling deficit forecast in January 2008 which showed we could reach a fiscal deficit of $1 trillion by 2016. That $1 trillion deficit will be reached 7 years early, in 2009.
.Something called shared sacrifice is necessary if we are to avoid yet another American tragedy. Shared sacrifice is something that hasn’t been asked of US citizens since World War II. They are known as the Greatest Generation. Now is time for the Next Great Generation."

[robert99]

Once the tide goes out, the skeletons show right up on Scam Street.
If the World best "financial brains" fall for it all time after time what chance has the little guy?

Jane Quinn wrote a very perceptive article:

"Madoff played to two of our most serious weaknesses as investors and human beings.

As investors, we love to believe in market wizards who hold the secret to making serious money. In fact, there’s no such secret, but admitting it is like abandoning a childhood faith. Faith propels the money-management business, despite the evidence that managers rarely beat the market indexes, over time. We especially love a fatherly wizard who’s close to his children, plays golf, supports caring charities and lays costly carpets on his office floor.

As human beings, we love status symbols and, to those who knew him, Madoff was status on wheels. Investing with him proved your wealth, position and general superiority to the poor slobs bobbing around on the fringe. His investors believed they were earning steady monthly increases of 1 percent or 2 percent, even when markets went bad. Who would dream of vetting such a prize?
.......

I once asked one of America’s super-rich women what the hardest thing was about managing wealth. “Avoiding fraud,” she said. It never arrives in the obvious form of a carnie barker. It’s always someone like, well, Bernie Madoff, solid, smiling, generous, and with an arctic heart. "


http://www.bloomberg.com/apps/news?pid=20601212&sid=audjsBOROA3w&refer=home

[sandpit]

You have hit it just right, people want to believe they can get rich quick. Whether that is the fault of the saturation of marketing saying it can be done or our own greed, I don't know.

People should watch from Bugs Bunny when he raced the tortoise...slow and steady wins the race.

Madoff needs to be decapitated on the floor of the NYSE, then everyone involved in investing could learn something from this mess. :mad:

[highnote]

Madoff needs to be decapitated on the floor of the NYSE, then everyone involved in investing could learn something from this mess. :mad:


Do you really think this would deter the next scumbag from trying to steal?

I don't think it would, but it would sure make a lot of honest people feel better. :D

[The Judge]

If I robbed a bank would I be able to use that money to post bail? Wellllll ?

[delayjf]

but is there anyone in government who actually does his or her job? Is everyone a lazy lying thief?

Our military is top notch and has been doing a great job:ThmbUp:

[Tom]

I was referring to morons in office and their henchmen. :D

[ddog]

sec among many many many others is and has been for years and years a criminal enterprise.

I ain't saying "don't play" - just don't go in assuming a fair deal.


read it and weep, i could post hundreds more.

lambs to the slaughter...


http://www.deepcapture.com/deep-capture-the-explanation/

[DJofSD]

Looks like the accountant and the auditor will be going to the pokey.

[ddog]

some crimes deserve death , i think these might be some of those.

[Tom]

The entire SEC should be fired.

[Relwob Owner]

This is a rhetorical question, but is there anyone in government who actually does his or her job? Is everyone a lazy lying thief?

Will anyone ever feel safe investing in anything in this country ever again?
I'm glad I'm nearing retirement - at about 90-95 :rolleyes: - because I sure have zero faith in this country, either government or business. If I could take all my ( what's left) of my IRA out, I would and not invest it in anything, other than maybe a gun or two.

Is this game called the USA done? I think so. We have sunk too low to recover, and I see essentially no leadership at any level on the horizon.
I trust no one, and never will again. Only trust your gun and your aim.


Hey Tom-I am 36 and am a pretty positive person, in general.....however, I agree with everything you are saying. Much of this forum is about Republicans and Democrats and the debates that follow, which are interesting, to say the least. However, I feel like there is an more basic problem today.

I think the problem is a pretty basic and deep one....our moral and ethical standards are disappearing and what "Americans" used to stand for is going away....we have a HUGE problem with honesty and integrity right now and it is everywhere....politics, sports, finances, etc----everyone wants to set up some committee to figure it out. However, the main problem lies with each person and whether or not they can do the right thing......your "Is this game called the USA done" sentence is both scary and accurate....

[Relwob Owner]

SEC Chairman, Christopher Cox, blames his staff for not bringing the Madoff matter to his attention.

I say heads should roll at the SEC starting with Cox's. He is the leader of the agency and resposibility ultimately falls on him.

Blaming his staff shows he is a weak and ineffective leader. He needs to be shown the door.



Extremely weak.....imagine if a pro sports head coach said after a loss-"Well, my players sucked and that is why we lost....."----scumbag