Madoff Scandal: SEC Official Raised Concerns In 2004

washingtonpost.com:

An investigator at the Securities and Exchange Commission warned superiors as far back as 2004 about irregularities at Bernard L. Madoff's financial management firm, but she was told to focus on an unrelated matter, according to agency documents and sources familiar with the investigation.

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Read the whole story: washingtonpost.com

Comments

[Ihaveadream]

2004? Harry Markopoulos repeatedly documented this and warned the SEC in writing but they blew him off because those who made billions off these scams paid the most in political donations to keep the SEC off their backs. An IG report shows that the SEC employees were doing everything but their job descriptions. It's all public - go to the SEC IG website and download their investigative reports that were also blown off http://www.sec-oig.gov/

[voltage356]

SEC has a history of looking the other way.

Representative Dingell referred my letter to the SEC. Yet, I was informed by reliable sources at the Amex, including members and high ranking employees, that SEC Chair Levitt blocked any investigation of these reported violations.


http://www.blackstarnews.com/news/123/ARTICLE/5826/2009-07-01.html

[rogerthat21]

We need to stop the corruption by Goldman, bank of Amerika, and Jp Morgan. Stop the Geithner and bernanke. .

Obama's policies may not be working as well as many had hoped:
1st 100 days - There are 2.9 million more people unemployed in May than there were unemployed in January. The unemployment rate went from 7.6% to 9.4%. Since May 2008, we have lost 5.5 million jobs. The biggest losers were:

Manufacturing 1.5 million lost
Finance & Prof Serv 1.5 million lost
Construction 1.1 million lost
Retail & Leisure 1.3 million lost

good political & economic articles: http://iamned.blogspot.com

[jalowe1957]

Bernard Madoff: The gift from the Bush years that still keeps on giving.

[aj88]

Wow, Bernie Madoff began his Ponzi scheme over 20 years ago and we can still find people to blame Bush! Too funny!

[GeorgeP922]

Yes, will blame Bush as he was an enabler for Wall Street to go lawless.

Im sure under Bush, Madoff would have gotten 2 years.

Remember they protected Enron.

[Mildmannered]

another bush legacy

[msnymph]

The SEC was systematically crippled under the reign of Christopher Cox (where is he anyway?) Mary Schapiro comes out of the same nefarious network (NASD, FINRA).

I think the agency should be disbanded, investigated, and brought to justice.

Bernie Madoff is a distraction- the big guys are still out there. Bernie hurt a circumscribed pool of people- the SEC hurt the nation.

[voltage356]

What a joke the SEC has been. it took Harry Markopolos 5mins to realize Berine was running a scam. It took the SEC years, until Berine turn himself in to realize he was running a scam.

[jeffp26]

The SEC needs some positive press.

Maybe they will do their jobs, finally?

[zizyphus]

Her supervisors should be in jail with Madoff.

I think that it has become impossible to do the housecleaning that is needed in these corrupt government agencies. All of them have been converted to organized crime syndicates for the well-connected.

[cyoohoos]

I still don't understand why these SEC folks didn't tip off the press. Or were they too just waiting for the profit making opportunity to tell their story.

[GeorgeP922]

Because money talks, just because your a whistle blower doesnt mean you are a good person.

[martinfrosa]

Of course the SEC is inept, just like the people that run Post Office are inept, just like the people that run Amtrak, Social Security, Medicaid and Medicare are inept. We cannot allow inept government officials to take over the health care system either.

[BBackSoon]

Government can work, but not if they are encouraged to work badly which is the case of the last 8 years.

So as far as healthcare goes we should just keep paying way too much for too little care, while many have no coverage except emergency rooms?

[Mildmannered]

let's let Enron, Washington Mutual, etc., etc. run it

[bluevase]

YOu like what the private bankers and private insurance companies have done to this country?

[The Meek]

Well actually, the post office works great and social security works great. I don't know much about Medicare except that Cheney and his lackey wanted to destroy it.

I've worked with people like you before. You probably spend all your time complaining and throwing monkey wrenches instead of working. Or maybe you don't work at all.

[iridium53]

"Walker-Lightfoot's supervisors on the case were Mark Donohue, then a branch chief in her department, and his boss, Eric Swanson, an assistant director of the department, said two people familiar with the investigation. Swanson later married Madoff's niece..."

A clear conflict of interest on Eric Swanson's part. Perhaps even corrupt behavior on many people within the SEC.

Given the money that is involved, corruption is likely.

Yet, the Obama Administration - Summers and Geithner - propose no new legislation for controlling banks. Instead, they choose to "strengthen" the rule-making capability of the watchdog organizations like the SEC. Seems to me to be an exercise in encouraging corruption by making it easier.

Another bone-headed Summers, Geithner, Obama move designed to enhance bankster income at the expense of the people.

[curiousasheck]

Hey Baby just shut up with your crap and go with program! We're not a police department now go do some filing.

[vippy]

Remember, whistleblowers during Bush's reign were punished. They were all one happy circle of
crooks covering each other's back.

[lvdragonlady]

Whoever her bosses are, they should be held accountable for NOT looking into her concerns about Madoff. What do you want to bet, they had money invested with him also?