Thank you Congressman Ackerman. Thank you for excoriating the bumbling SEC idiots. Hopefully there will be some video of his questions.
Also, I learned that one of the testifying SEC officials, Lori Richards, recused herself from the Madoff investigation because a former employee she supervised had married Madoff’s niece, and Richards was at the wedding!
After listening to the testimony today, I feel there must have been some sort of cover-up in regards to the Madoff investigation if the SEC officials were telling the truth about their level of competency and commitment to uncovering fraud and protecting investors.
Before this country starts to recover economically, people must regain confidence in those who are running and regulating the financial industry. I believe confidence will only come back when the heads of professionals and regulators start to roll in a very public way.
Mr. Markopolos’s suggestions should be put into effect immediately. I would also double the minimum level of punishment for those found guilty of stealing money or helping to steal money from investors.