U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Old 09-29-2009, 01:23 PM
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,799,662 times
Reputation: 6381



Specifically, we found that Enforcement staff lacked adequate guidance on how to appropriately analyze complaints. As a result, Enforcement staff did not conduct a thorough review of a complaint brought to their attention in 2001regarding Madoff.
In addition, we found that Enforcement staff assigned to investigate Madoff were inexperienced and the investigation suffered from a lackof supervision which had consequences for the investigation.

We also found that Enforcement staff did not always exercise due diligence in their handling of critical information regarding Madoff.
As a result, we found that Enforcementstaff did not sufficiently review a complaint that included approximately 30 red flags indicating that Madoff was operating a Ponzi scheme.

Further, Enforcement staff investigating Madoff did not always seek assistance from other offices and divisions as needed during its investigation.
As a result, Enforcement staff had difficulty understanding key aspects of Madoff’s operations, including his purported trading overseas.

Additionally, Enforcement staff working on the Madoff investigation failed to verify information provided by Madoff with independent third-party sources, a critical step in order to determine whether Madoff was actually engaged in trading. Furthermore, Enforcement staff did not adequately evaluate information received by the SEC while the Madoff investigation was inactive pending closure.

Additionally, we found there were delays in completing administrative tasks related to opening a matter under inquiry on Madoff, as well as closing the investigation.

Someone cue "Yakety Sax", please.

YouTube - The Benny Hill Show-End Credits

Imagine if this was oh, say, something like a fire department. Or say, an independent agency of the United States government which holds primary responsibility for enforcing the federal securities laws and regulating the securities industry, the nation's stock and options exchanges, and other electronic securities markets.

Either way, it's a huge bucket of FAIL.
Rate this post positively Reply With Quote Quick reply to this message

Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top