Is the SEC the real enemy of those who lost retirement, scholarship, savings and other monies?
Hullo from the UK. I've just watched "America this week" with Harry Markopolos testifying against the complete and utter failure of the Securities and Exchange Commission to do anything about Bernard Madoff or similar big firms that cost you guys $billions. The only good thing to come of it was the entertainment value of watching SEC officials trying to evade straight questions. Do you agree with one of the Congressmen questioning them that they are the true enemies?
Public Comments
- Well obviously the SEC is not responsible for the Madoff scheme so they are not the enemy in the technical sense, but the SEC is charged with proper oversight over all financial activity in the public sector...in which this case they failed. Have you heard the famous quote "In the end, we will remember not the words of our enemies...but the silence of our friends"? You can somewhat apply that quote to this case...the actions of Madoff were without a doubt despicable and inexcusable but the SEC who is supposed to act on behalf of the public chose to ignore red flags introduced by the samaritan Markopolos and remain silent...that sends a big message to the congressmen and the public about the value of the SECs role in the financial world. What's the purpose of creating the SEC if it doesn't do what it's purposed to do? 'Enemies', 'Evil-Doers', and 'Bad people' will always be a detriment to our society...but if those who are to be fighting on the side of justice and fairness against these forces see/hear signs of a problem and choose not to act, the perspective is that they may as well team up with the enemies and the like. In my view the SEC are not the true primary enemies but they decided not to act on behalf of the American people which makes them as much a detriment to the financial environment and the rest of the country as Madoff is.
