Wow, I bet those regulators were doing a heck of a job of regulating.
Yet of the same regulators, rather than being fired or disciplined, were sent back even after it was apparent Madoff was a crook. At the very least, the SEC should have sent those with actual competence and no compromised ethics.
The SEC is pathetic. Then and now.
Fine, young regulators are inexperienced and impressionable. But was whistleblower Harry Markopolos really that hard to understand when he said in 2005 that Madoff was “running the world’s largest Ponzi Scheme”? Come on.
If anything, this emphasizes what’s so bad about the private sector / regulator revolving door. It’s not obvious how you get anyone to crack heads when they’re angling for jobs after doing their stints in Washington.