Word: madoff
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...weakened financial regulatory body, as beaten up as the investors it's suppose to protect. But even before stepping through the SEC's F Street doors she had to take a few knocks herself about how good, and tough, she really is. (See pictures of the demise of Bernard Madoff...
...fairness, Coffee says, Cox and his enforcement officers "were hobbled by commissioners" who wanted pre-approval before SEC enforcement officers could seek penalties. "Nobody wants to get fired for being too aggressive in their investigations," he says. "The agency is demoralized and this could explain the Madoff case...
...chill that came with this program may have turned to a deep freeze in regard to Madoff. The same year the pre-authorization policy was enacted, SEC examiners gave Madoff's organization, after registering as an investment adviser, a clean bill of health. Just months earlier hedge fund whistle-blower Harry Markopoulos had given SEC enforcement officials 29 red flags about Madoff's $50 billion fund, presciently calling it the world's biggest Ponzi scheme. Nobody cared. (See pictures of the demise of Bernard Madoff...
...things that made Madoff an attractive figure was that charities benefited from his investment management nearly as much as his wealthy clients did. This was not unlike the unwritten rule at Bear Stearns that partners were to give a large portion of their bonuses to charity. The collapse of Madoff's funds and Bear destroyed what the heads of non-profits had believed for years, which is that the wealthy in society would always be generous enough to help the less fortunate...
...Madoff's colossal fraud moves from the headlines into memory, his name will remain as a caution to all future investors. No one in this generation at least will ever believe that every dollar invested in the market will turn into...