Wednesday, July 29, 2009
Reading Jay Price's superb article in the News & Observer titled Behind bars in Butner, Madoff shares secrets of scam, one has to wonder if Bernie Madoff should be instructing the SEC so that they can learn the tricks of a convicted felon who managed to escape scrutiny for a significant period of time. Perhaps Congress also needs to be apprised of how Madoff managed to keep this quiet for as long as he did. Instead of adding a greater sentence to existing crimes or creating new crimes, time and money may be better spent improving the present regulatory process and adding funds to enhance enforcement.
(esp) (w/ a hat tip to Ted Gest)