Monday, February 9, 2009

Rep. Ackerman Tees Off On The SEC

Last week's congressional hearing on the Madoff scandal made for great theater. Harry Markopolos is the guy who tipped off the SEC 9 years ago (and a number of times subsequently) about the strong likelihood that Madoff was a fraud. His testimony was jaw-dropping. I hadn't realized just how detailed his evidence had been or how persistent he had been in making his case. I particularly loved how he stressed that it took mere minutes to figure out that something was amiss with Madoff and his purported performance. Harry also did a wonderful job of pointing out the amazing breadth and depth of ineptitude at the SEC. I'd encourage you to watch a recording of his testimony.

In the clip below, Representative Ackerman takes a nice swing at the sacrificial SEC lambs who drew the short straw and had to attend the hearing. As I pointed out when this scandal first broke, the ironic ultimate outcome of this incredible failing at the SEC will most likely be a significant boost in the SEC's budget. Nothing warrants increased government funding more than colossal failure!

Link to Video

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