‘In all the jaw-dropping and outrageous moments of the Madoff fraud saga, nothing surpassed it. But almost no one knew. Starting about 1 hour 38 minutes 44 seconds into the Senate Banking Committee Hearing on “The SEC’s Failure to Identify the Bernard L. Madoff Ponzi Scheme and How to Improve SEC Performance” (September 10, 2009) Senator Charles Schumer (D-NY) looks over his glasses at an SEC bureaucrat and intones:
When you read Mr. Kotz’s report (PDF)…it’s just astounding…How the heck did this happen…all you had to have was an IQ of about 100 and even a semi desire to find out what happened…you didn’t have to turn over every stone…most people if they’d just read what happened they’d say there’s got to be fraud…to let Madoff escape….
That is absolutely true. If the SEC man had been a public servant of suicidal courage he would have squared his shoulders, looked Schumer in the eye, and said…’