Thursday, September 3, 2009
Heads Should Roll
I'm so angry I'm sputtering! So Bernie Madoff, for years, got away with bilking people out of billions of dollars because the SEC sat around with their thumbs stuck up where the sun doesn't shine. At first, they pleaded inexperience and ignorance (got that right!) and then used as an excuse and I'm quoting here, information "can be tremendously voluminous and difficult to deal with" and can take "a ton of time" to review. In other words, inexperienced or not, they were just too damn lazy to do their jobs. Then when someone else sent them a detailed analysis of what was going on (doing their job for them) they still ignored what was happening. Too bad those poor investors can't go after the SEC for some kind of redress. At the very least those incompetents should lose their jobs. After all, they weren't much interested in doing them in the first place.