The commission said it received credible allegations about the scheme at least nine years ago and will immediately open an internal investigation to examine why it had failed to pursue them aggressively.Best case is the SEC were a bunch of Gomer Pyles too retarded to tie their own shoes. Worst case is we had pedophiles in charge of kindergarten. The truth is probably a combination of the two, with both administrations appointing economically like-minded deregulators who answered to theory instead of fact (ok, maybe that's the worst case).
...“Our initial findings have been deeply troubling,” Christopher Cox, the S.E.C. chairman, said in his statement. The commission received “credible and specific allegations regarding Mr. Madoff’s financial wrongdoing,” but did not respond aggressively, he said.
“I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority topursue them,” Mr. Cox said.
Either way this is just another example of the need for a) full, unequivocal transparency, and b) total de-politicization of the SEC. They need to be cops, guys who exist to enforce the law, not a political agenda.
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