Madoff was just the start


SEC pursuing another $1 billion Ponzi scheme

Um, since the SEC totally missed Madoff, even though they had been specifically warned about him, that they’ve just found another Ponzi scheme would seem to indicate that many more such schemes are out there too. Somehow, they do not inspire confidence.

Happily, in eighteen days we will have an actual regulator as head of the SEC rather than Cox, the ideologue zealot who currently heads it. You might recall that Cox has more than once said said his primary task was to dismantle the SEC. As thieves and frauds stole everything they could.