I just watched the house committee hearing on the Bernard Madoff case. The SEC sent in a panel of high level directors, mostly lawyers by profession, who clearly resented being questioned by congressmen and in fact, hardly answered any of their questions.
Oh, they talked a lot. They talked a blue streak. They kept talking and mouthing their banalities and irrelevancies which was frustrating to the congressmen. The arrogance of the SEC panel was a sight to see. In the face of allegations of total incompetence and ineptness, they showed no regret or remorse and did not even acknowledge that they had anything to apologize for. It seems incredible to me that they could baldly state that they did everything right in the face of an obvious fraud of massive proportions perpetrated right under their noses when it was their job to discover it and prevent it from continuing.
Congressman Ackerman told them that they were so incompetent that they "couldn't find your backside with two hands with the light on."
I think the SEC did a lot worse. They couldn't have missed this. It must have been deliberate.
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