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Bernard Madoff: September 2009

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Madoff Claimed He Was On "Short List" For SEC Chair

Zachary Roth | September 2, 2009, 3:36PM

When Franklin Roosevelt appointed Joseph P. Kennedy as SEC chair, the president responded to concerns about Kennedy's unsavory reputation by declaring: "It takes a thief to catch a thief."

Over 70 years later, Bernard Madoff may have been hoping that President Bush agreed.

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Topics: Bernard Madoff, Financial Crisis, Securities and Exchange Commission, Wall Street

Madoff: "I Thought It Was The End Game. Over" -- But SEC Never Followed Up!

Zachary Roth | September 2, 2009, 3:16PM

It's not really news that the SEC screwed up big-time on Bernard Madoff. But the just released executive summary (pdf) of the agency's inspector general report really brings home just how far that failure went.

The summary, produced by SEC inspector general David Kotz, paints a picture of a series of botched investigations going back to 1992, in which inexperienced, unsophisticated and incurious agency examiners repeatedly failed to take seemingly obvious steps that would have uncovered Madoff's massive scam. And it shows how Madoff used his air of authority to confuse and intimidate the over-matched Feds in order to keep them at bay.

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Topics: Bernard Madoff, Financial Crisis, Securities and Exchange Commission, Wall Street

Bernard Madoff

SEC Lawyer Who Failed To Catch Madoff Got Highest Performance Rating

Zachary Roth | September 2, 2009, 2:26PM

The SEC attorney who failed, despite numerous red flags, to catch Bernie Madoff's colossal fraud received the highest possible performance rating from the agency -- citing her "ability to understand and analyze the complex issues of the Madoff investigation" -- soon after the probe closed in 2006.

That's according to an SEC inspector general report on the Madoff fiasco, whose executive summary (pdf) was released this afternoon. The full report will be made available in the coming days.