SEC defends actions amid Madoff scandal
SEC ignored letters outlining Madoff’s fraud
Today, de Borchgrave has an interesting piece in the Washington Times further outlining the regulatory incompetence and negligence in the Madoff case when other whistle blowers were blowing their whistles loudly:
A Greek-American friend of Mr. Markopoulos, now in Switzerland, wrote in his blog, “He nailed Madoff, listing the back-door marketing and financing schemes as if he were an insider.
But the SEC did not respond. Powerful political voices ordered the SEC not to proceed. I am not naming names because libel laws mostly favor the criminal in Europe, and their names will never get past libel lawyers. The largest investors were not Jewish charities as was reported by New York newspapers, but French, Spanish and Swiss private banks.
Why did SEC ignore the multiple whistle blowers? This would seem to be be something more than neocon blindness and studied Bush-era incompetence.