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Strategies & Market Trends : Value Investing
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To: Paul Senior who wrote (33584)2/21/2009 6:27:34 AM
From: Madharry  Read Replies (1) of 78764
 
I mentioned my astonishment to a friend about the SEC;s inability to discover this fraud and he that people at the SEC had to have been bribed. I guess we have been programmed to accept government incompetence as the answer as opposed to the more logical explanation- bribery.

I believe an independent prosecutor should be appointed to investigate the SEC. I dont believe its possible to commit a scam on this scale without dozens of people being involved. Think about how many phony transactions had to be generated in the phony statements and how the phony books had to be balanced. I thought that because securities companies get this sipc insurance that they had to be routinely audited. I wonder what that audit disclosed and in what decade it was last done. For all we know Madoff might just be a figurehead who was simply doing what he was told. The more interesting question is where has all the money gone. One would think it would be fairly simple to account for, especially if none of it was lost in the stock market.

Another interesting question to me is: if i am an innocent investor who invested with Madoff for years and cashed in my investment to buy say a house. Now its years later, how can someone compel me to return the profits from my madoff investment which was innocently made? does that mean that if an investor bought a stock and sold it for a profit like enron, subsequent investors in enron can go after the previous investors profits?
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