Madoff: Who deserved the blame?
My story over the weekend of how the money flowed to Bernard Madoff from South Florida drew many reactions.
Here's one from a Boca Raton investor who says he approached Madoff, but Madoff turned him away, refusing to take his money.
"So yes, he did turn some people down but it had nothing to do with the amount they wanted to invest. Who knows how his mind worked?
"In my opinion, as in the minds of the many thousands who are suffering now, all of his and his wife's properties should be taken by the government and used to repay some of the investors.
"And yes, there has been a lot of hanky-panky going on for too many years. The SEC should also be taken to task for not keeping tabs on his operation.
"Of course, these people salivated with the promise of those unusual high percentages paid them. Didn't they for one minute wonder about it all or did they close their minds to it thinking that the money tree lives on?"
What do you think?
Shark swallowing the fish?
Is anyone blameless here?
Where were the regulators?
Harriet Johnson Brackey, the personal finance columnist for the Sun Sentinel, is an award-winning business reporter. Her columns for 2008 were named "The Best in the Business," a national award chosen by her colleagues at the Society of American Business Editors and Writers.
Comments
Thee are always going to be crooks, that is supposed to be why we have regulators and law enforcement. With the first investment advice everyone always gets being "If it seems too good to be true, it probably is." I place the blame primarily on the regulators for ignoring Bernie for so long. You'd think "too good to be true" would be the sort of red flag that begs for investigation by even the most simple minded regulator.
Posted by: Tom | March 16, 2009 12:22 PM
THE SEC SHOULD HAVE CAUGHT MADOFF BEFORE IT GOT THIS FAR.ESPECIALLY BECAUSE THEY WERE WARNED SINCE 2002.BUT IT JUST GOES TO PROVE THE FACT THAT GOVERNMENT CAN NOT PROPERLY RUN ANYTHING..THEY STILL CANT GET THE POST OFFICE TO MAKE A PROFIT AFTER 200 YEARS OF OPERATION....HOW THE HELL ARE THEY GOING TO RUN HEALTH CARE...NATIONALIZE BANKS..AND EDUCATION...ONCE AGAIN THE GOVERNMENT IS THE PROBLEM IT CANT BE THE SOLUTION...
Posted by: stacy | March 16, 2009 1:15 PM
I'm just curious why the media will not allow this story to die. Yes he has committed fraud, so has half of Wall Street in the past year.
Does the media feel keeping this story alive somehow takes everyone's focus off of Obama's whacked policies to help the economy? Maybe we don't notice how AIG thumbs it's nose at the U.S. taxpayer and the morons in congress writing them blank checks? Maybe we will forget that Timmy the tax evader is still sitting in his office all by himself?
It's time for the media to move on already.
Posted by: KCK | March 16, 2009 3:49 PM
Unfortunately I have to say the investors were to blame, as well as the CPA/auditor.
The investors enabled him by failing to diversify and entrusting all their wealth with one person.
There is no way a small CPA firm should have been allowed to audit a business as large as Madoff's.
The accountant owed his livelihood to Madoff and his independence was bought.
All that is left now is misery and tax problems.
Posted by: jay | November 21, 2009 2:05 PM