Bernie Madoff–Sec Chairman?
Although SEC Inspector General David Kotz’s exhaustive 450-page report on why the SEC failed to uncover Bernie Madoff’s Ponzi scheme has not yet been released, the executive summary makes abundantly clear that the agency bungled numerous investigations and failed to heed numerous warnings about Madoff’s dubious activities.
The summary also contains a nugget that, if true, is frightening beyond belief. Madoff apparently confided to an investigator that he was on the short list of replacements for SEC Chairman William Donaldson and that Christopher Cox would get the job weeks before the appointment was publicly announced.
This matter is worthy of further investigation.