Madoff: I would have been caught sooner if SEC weren’t captured regulator

Posted on July 29, 2009 by stacyherbert| 15 Comments

Stacy Summary: I paraphrase Madoff but the gist of the headline is correct. Of course, Madoff wouldn’t have been so successful a con-man if it weren’t for the fact that there is a sucker born every micro-second – like Temasek . . . .

Madoff: The SEC are captured regulators, which is why they didn’t catch me sooner

Temasek loses $28 billion in asset value

Civil service jobs being outsourced to India

To avoid blight of beach towel wars between Germans & other nationalities, holiday firms begin offering option to pre-book sun lounger

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15 Responses to Madoff: I would have been caught sooner if SEC weren’t captured regulator

Danny | July 29, 2009 at 1:56 am |

Extract from SEC website:
“The laws and rules that govern the securities industry in the United States derive from a simple and straightforward concept: all investors, whether large institutions or private individuals, should have access to certain basic facts about an investment prior to buying it, and so long as they hold it. To achieve this, the SEC requires public companies to disclose meaningful financial and other information to the public. This provides a common pool of knowledge for all investors to use to judge for themselves whether to buy, sell, or hold a particular security. Only through the steady flow of timely, comprehensive, and accurate information can people make sound investment decisions.”

The SEC has failed consistently. There’s 4 commissioners there; FIRE THOSE SCHMADAS! You want cutbacks- I’ll give you cutbacks! Give Eliot Spitzer a yellow notepad and a stick of gum and he’ll do what needs to be done on his own!
Mongo | July 29, 2009 at 2:01 am |

LOL

This keeps getting better.

I feel so enlightened just by going to maxkeiser.com, not to mention all the info Max & Stacy provides. Keep up the good work!

PS. Not to mention all the commentators on the site that provides links and info that I feel is being filtered out by MSM! DS.
Mongo | July 29, 2009 at 2:05 am |

Stupid question perhaps but how the heck can we tip the scale so Max & Stacy actually gets som MSM-time?
kitty | July 29, 2009 at 2:20 am |

@mongo

Sadly I fear if we could, we wouldn’t need to.

Print your own I TOLD YOU SO t-shirts and wait. Funny how when the day came to say “I told you so” about the housing market, everyone I told couldn’t remember but proceeded to say how eventually it was going to be OK. Practically have to become a complete bore and social outcast to leave proof in their heads you ever warned them.

The People will remain in denial till the bitter end. A couple of years down the line and our mothers will not get some of the health treatment available to older people now. That will rattle a few cages.

A memory of when we never had it so good and Soylent Green Sandwiches all round.
Mongo | July 29, 2009 at 2:42 am |

@kitty, People in denial is an understatement. People are literaly in a dream state. Max’s article about debt paralysis is such a good statement about the situation.

To be honest, and maybe it’s sad for my own part, but I didn’t catch up to Max & Stacys shows and info until the summer of 2008 but I am so glad still. Even my wife has come to realize that the situation we are in is tragic seen from the larger perspective. I have tried to explain to friends and relatives that we have to brace ourselves for a situation that may be worse than the 30s depression. This is where Max’s article about dept paralysis comes in handy to explain the general attitude. People are in denial, I wouldn’t believe it if I didn’t see it with my own eyes. Friends and colleagues have made me a laughing stock for my (Max and Stacy’s) predictions but as time has passed it has all come to pass and they STILL don’t believe it. Even my wife is laughing at them all for dreaming about better times.

as said, I am eternally greatfull to Max & Stacy, even if I will get i deep shit when this all collapses that I got somehow prepared. At least I did what could to prevent myself and my family to end up in the ditch.
Nic Abbott | July 29, 2009 at 3:19 am |

@ Mongo @ Kitty

I agree sooooo much, but there is no point trying to tell people. Look after yourselves. Lots of great posts on here recently, thanks to everyone and to M&S as always. Still waiting for Max to re-iterate the truth about “peak oil” and that this ecomonic crisis and the “oil crisis” – which no one even mentions- and growth itself are all part of the same problem.

Here’s one to make you all laugh. Rather dark humour, I’m afraid, but I think it’s funny. This is the type of consumerism the Gov would like us all to get back to to get out of this debt hole (and into a bigger one).

http://news.bbc.co.uk/1/hi/england/manchester/8173271.stm
Palantíri | July 29, 2009 at 7:00 am |

12,000 American Kids To Be Tested With AH1N1 Vaccine (from Russia Today TV)
http://www.youtube.com/watch?v=-Q2j9SukL5w
- I’m sure some people here has opinions about that.
http://www.newsok.com/oklahoma-kids-to-get-shot-at-swine-flu-vaccine/article/3387609?custom_click=headlines_widget

It’s the new real thing from Coke – fizzy milk
http://www.timesonline.co.uk/tol/life_and_style/food_and_drink/drinks/article6727700.ece

Grandparents are drowning in credit card debt
http://moneyfeatures.blogs.money.cnn.com/2009/07/28/grandparents-are-drowning-in-credit-card-debt/
- so sad it has turned out like that.

And I just saw this: Associated Press to build news registry to protect content, Registry will provide tools to monitor use of AP and member content online while also enabling new business opportunities.
http://www.ap.org/pages/about/pressreleases/pr_072309a.html
- doesn’t that basically mean they are going to start use Digital Rights Management, to put on Tags to track the original? Copy protected news?
Fibon11235 | July 29, 2009 at 7:10 am |

I CAN NOT TELL one Crook from another Crook within a Crooked system.

I’m of the opinion that the only reason Madoff was not caught by the SEC regulators, because he simply blends in with the rest of the city and government along with the regulator. Even now how is he different from anyone else again?

The whole lots in a bit of a muddle in my opinion? I cant tell who more of a crook the pyramid LORDS or the front running KNIGHTS lol
http://www.youtube.com/watch?v=auSfaavHDXQ
juergenwahl | July 29, 2009 at 7:46 am |

Outsourcing jobs to save the taxpayers money? When will these geniuses ever realise that fewer domestic wages paid equate to a corresponding reduction in the tax base?
Nancy S, Huntington Bch, CA | July 29, 2009 at 9:59 am |

They will fight them on the beaches, they will fight them from the rooftops…
Matt Smyth | July 29, 2009 at 10:24 am |

I have been looking into buying Singapore shares because Marc Faber, Peter Schiff and Jim Rogers all like the place. They say the government is good there. I really start to wonder when I read stories like that about “Temsek” and plus I see that Singapore isnt dropping there USD holdings as fast as I thought a smart country would.

I am sticking with Canada as the best place in the world to invest right now. Nobody has sold more US paper recently then Canada. The Canadian Banks has less exposure to financial services then Singapore too. I am not sold on Singapore.
Mr Supergeek | July 29, 2009 at 1:23 pm |

@All Y’all
I think I would invite Max and Stacy round mine anytime, I think they would make great party guests or dinner party guests (even if they drank too much and Max started throwing toilet paper and bananas at people)…but Alex Jones I wouldn’t have him round too scary…I just imagine being trapped in a corner with him shouting at me about ‘THE TRUTH’ while I wipe bits of spit out my eye…and notice the vein poppin’ out the side of his head….you can’t force people to listen, laugh or smile..and that’s a truth..Y’all
stacyherbert | July 30, 2009 at 12:54 am |

@Mr Supergeek – I might drink too much, Max definitely wouldn’t. He doesn’t have time to when he is throwing toilet paper and bananas.

@Mongo – bombard Jon Stewart and Bill Maher guest suggestion boards with our name I guess? That’s where most Americans now seem to get their news these days.

@Matt Smyth – yes, it seems Singapore has done some daft things; they had so much prestige for their massive sovereign wealth fund, but that seems to have declined a lot lately; the point about Singapore, however, is that they are well positioned to Asia and Middle East where all the capital is; they also have the number one ranked transport system in the world; but I think the best policy is to always invest with the certainty that all leaders of these economies can eventually turn corrupt or stupid
christopher | July 30, 2009 at 5:31 pm |

that is not an accurate paraphrase at all…i’m not saying that the SEC isn’t totally captured, but in that article Madoff only says he thought they “had him” a couple of times..no inference at all about SEC being captured in his eyes
i bring this up because increasingly, all sidea on the web seem to be mis-quoting, getiing the facts wrong, etc., if we want people to be awake, we must not add to the dis-information
rokw4petrocollapse | July 30, 2009 at 8:53 pm |

Max’s wish that Michael Millken would return as a reformer will be fulfilled — sort of — in Oliver Stone’s sequel to Wall Street, “Money Never Sleeps”: Michael Douglas returns as Gordon Gekko, this time on the side of the angels.

http://www.imdb.com/title/tt1027718/

Does Max have inside info? Or is Oliver Stone a Truth About Markets listener?