The Bernie Madoff fiasco is looking more and more like a serious regulatory failure by the Securities and Exchange Commission.Can there be any doubt that the fact that there was such MIND NUMBING Jack Booted Iron Fisted Metal Kneed, ceramic Carpul Tunnel, Aluminum Siding, Brutal Governmental Excess Regulation that poor, poor, dear, sweet, innocent Bernie, became just One More Week End At Bernies...
The Washington Post confirms that, despite several complaints dating back to 1999, the SEC never examined Madoff's investment advisory business. And it pieces together a preliminary explanation for why that might have been the case.
First, Madoff appears to have had a cozy relationship with regulators. After helping to create the NASDAQ, which was the first electronic stock exchange, he went on to advise the SEC on electronic trading.
In this video from a roundtable discussion held last year about the future of the stock market, he brags: "I'm very close to regulators. In fact my niece just married one." (It's at the 1-hour, 51-minute mark.)
[ cf Why Didn't SEC Look Closer At Madoff? ]
How tragic that the Free Trade in Free Markets was never allowed to bloom and blossom, cross polenate, flower, pestil and that sticky stuff, into the Garden of Investment Eden....
HOW MUCH LONGER CAN A FREE SOCIETY SURVIVE UNDER THE HORRORS OF EVIL EXCESS REGULATION!!!
Clearly only by having more and deeper Permenant Capital Gains Tax Cut to prevent Gay HomoZeXual Marriage Agendanista, can we even hope to help people like Bernie recover from the HORRORS of the Clinton/Gore Recession!!!