But the bottom line is that a guy in the drug trade, with amazing connections to politicians (the latest are Bill Clinton and Nancy Pelosi), was treated with kid gloves by regulators, who could’ve easily nailed him first but… didn’t. But maybe that’s just a coincidence.
“Stanford employees yelled ‘Ponzi Scheme!’ 3 years ago”, and the SEC did nothing.
The SEC ignored Madoff completely and was way late to the party on Stanford. The question that must be asked now is, has the SEC become seriously compromised and corrupt?
And was Madoff money-laundering too? Just wondering…
All this must be that unregulated market that neocons praise so highly. You know the spiel, Get the government off our backs and the markets will regulate themselves. Well, it didn’t quite turn out that way, now did it? Instead we’ve had rampant greed and crime in the financial world.
Who could have conceived that the markets, rather than self-regulating themselves like proper gentlemen, instead acted like thugs and pirates? Alan Greenspan now appears shocked, just shocked by this untoward turn of events.
How many more Madoffs and Stanfords are out there? Much of the financial system now seems corrupt, and it’s not just a few rotten apples, either.