The SEC and Bernard Madoff: Dereliction Of Duty

Here at last is the Executive Summary to SEC Inspector General David Kotz’s “Investigation of Failure of the SEC to Uncover Bernard Madoff’s Ponzi Scheme.” sec-oig-madoff-executive-summary. The complete REPORT OF INVESTIGATION will apparently come out over the next several days. The SEC’s failure, as detailed in the Executive Summary, was more shocking and abysmal than I ever imagined. It makes me want to vomit. The Executive Summary takes about 15 minutes to read and is well worth the effort. The primary failure appears to have been at the supervisory level.