Bob O'Brien
Head Instructor
bobrien@mywealth.com
Bernie Madoff received 150 year prison sentence yesterday, and with good behavior he could be out before his 200th birthday!
He was told by the judge that he had committed an “extraordinarily evil” and shook the confidence of the legal and financial system.
I thought, OK great, but this just better not be it! What about his wife? His brother? His sons? Other key employees involved? And most of all when will there be an apology by the SEC?
There is absolutely no way that you can run a $65 billion Ponzi/Madoff scheme without anyone else being involved and having regulators that do not regulate.
These cover up artists are still covering up!
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A scandal of this size requires a lot of co-conspirators and over the course of 20 or 30 years it is just not possible for people like his wife and sons to be in the dark. Then of course there is Peter Madoff working 20 years with his brother as his COMPLIANCE OFFICER!
The real investigation better be just getting into high gear. There were many people around Madoff who enjoyed an incredibly luxurious lifestyle at the expense of people that trusted him to invest their money.
The Madoff’s who seem to be getting more attention than the victims do not deserve any compassion at all. If the stock market had not gone south they would still be ripping people off. The Madoff’s just could no longer keep the scandal afloat when people starting pulling their money out!
The real bigger picture issue here is the SEC, and the lack of responsibility they have taken in all of this. The SEC has still yet to take responsibility for letting this historical scandal like this happen right under their noses.
New financial regulations should start with an apology from the SEC to all the victims.
With broad new financial regulations on the way, we have still yet to hear an apology from anyone in the US Government for letting this embarrassing $65 billion scandal happen. This too is a cover up!
I agree with the fact that some of the rules and regulations within the financial services industry need to be changed, but in the case of the Madoff scandal was it the rules? Absolutely not! This is a clear cut example of how the problems in the financial services industry cannot be solved with a million new rules, because the problem is with attitude of the people that enforce the rules.
The SEC and politicians are known for getting buddy-buddy with people like Madoff and then fail to regulate them without bias. Much of the staff on the SEC all want to someday work for the financial services they regulate, and who is going to want to bring down their future employer that will pay perhaps two, three, and maybe four times what the SEC pays.
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