Skip to comments.SEC Rewards Investigator Who Botched Madoff Probe
Posted on 08/10/2011 5:55:51 PM PDT by opentalk
In a remarkable development, the beleaguered Securities and Exchange Commission (SEC) actually awarded the employee who botched the investigation of the largest Ponzi scheme in history with a cash bonus for a great job performance.
It marks the latest of many scandals for the famously inept federal agency charged with policing the nations financial industry. An SEC Inspector General probe discovered that the agency rewarded an incompetent investigator who missed Bernie Madoffs illegal, $50 billion Ponzi scheme with a cash bonus for good work.
Released this week, the IG report doesnt name the SEC investigator but confirms that he (or she) was one of the key participants looking into Madoffs corrupt operation.
It gets better. SEC supervisors nominated the unnamed employee for the award shortly after the agencys IG issued a scathing report detailing how the agency failed miserably to catch Madoff. In fact, in that 2009 report the IG singles out the employee and assistant regional director for numerous performance issues and possible disciplinary action.
... a big chunk of the SEC workforce was preoccupied gawking at pornography websites during work hours. While the economy slowly crumbled and Madoff defrauded investors, high-ranking SEC officialsincluding senior officers with lucrative six-figure salariesand lower-level workers spent a large portion of their day viewing porn on government computers.
About a month ago the SEC came under fire for dropping nearly $557 million on luxurious office space it will never use and lying to cover up the wrongdoing. The agency used a rather innovative system to determine how big its new fancy headquarters should be, according to an official at the agency. Its called WAG, which stands for wild-ass guess. A federal audit blasted the deal, determining that a deeply flawed and unsound process that likely violated federal law was used to award the lease
(Excerpt) Read more at judicialwatch.org ...
Further serves to prove the long-held truth that if you screw up in a government job that instead of being fired, you get promoted. =.=
...PROBABLY TO KEEP HIS MOUTH SHUT
This is the true nature of government. It cannot be changed, no one can reform it. The best you can do is confine it to a tiny corner where it can only do minimal damage.
The SEC is another agency that needs to go. Completely.
He submitted his proof to the SEC five times, and was ignored.
SEC is one of the many poster children for gubmint corruption and incompetence, and the same kind of scum who want to take over our lives.
I’m with W C Fields re: the Madoff kerfluffle,
“You can’t cheat an honest man”.
No doubt about it. As someone said it is never the regulations that are bad but instead the regulators. I'd go one step further and say the real problem is regulators controlled by crooked politicians.
The politicians are corrupted by donors and money; politicians control the SEC; Wall St controls politicians; Madoff had many political supporters who wanted Madoff unscathed and untouched; the SEC was told to consider Madoff untouchable, so they rewarded the investigator that kept him untouchable, and then they destroyed all the evidence.
These regulators are always members of the revolving door club too.
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