It's not that she didn't know WHAT he was doing, it's that she knew WHO he is. People at Madoff's level know people who, in turn, can ask Ms. Cheung if she really saw what she thought she saw. See also: Housing bubble apprasials.
If she HAD "done her job" she'd be out on the street and we'd never have heard of her. Now at least she can get a book deal before her 15 minutes expire (they don't roll over).
The solution to lack of enforcment of current law? Why, more legislation of course! What else would Barney Frank do, throw "pay to play" parties in his basement?
We're doomed...
"why are you attempting to hold me *accountable* for not doing my job?!?", whined the useless bureaucrat, as she started to tear up. "the whole reason i got into this was that i - like all bureaucrats - would never be held accountable for ANYthing, EVER!"
in a previous life, i drove a UPS truck. occasionally, a package would arrive for the (state) agency that i had the misfortune to have located on my route. absolutely my worst stop ever. NO ONE would sign for the package. "naw, man, i'm not gonna be responsible for it." even after i told them to sign it with a fake name, or sign illegibly and i'd take care of the rest, they **would not do it.**
god, i hate government "employees".
Yeah, the SEC screwed the pooch on this one. But how many of these scams would happen if we didn't have regulation and at least the appearance of enforcement? (Answer: Lots.)
On the contrary, SU, having agencies like the SEC gives people a false sense of security.
Kind of like the FDA and the Consumer Product Safety Commission. They don't really check for melamine in food or lead in toys from China. But they give the public a false sense of security: "Well, I know there's a government agency responsible for it somewhere, so it must be OK!"
Sure, there will always be Ponzi schemes. But they don't grow to $50 billion without government endorsement.
"...SEC gives people a false sense of security."
Nah.
Grasso, the lesson...Cox, not so much.
The SEC is a comfort...a layer of insulation for the principals...against almost all incursions from the DoJ.
perhaps the SEC is really only meant to be a filter that keeps those who are NOT so well-connected out of the game, thus allowing the well-connected to continue their pillaging, unchallenged by any high-minded upstarts?
forgot to add my sig to that previous post...that was me. I'm not anonymous! I'm sic ibid!
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