July 14, 2009
The Facts
Lori A. Richards, director of Office of Compliance Inspections and Examinations for the Securities and Exchange Commission, is resigning after 14 years on the job, and more that 20 years with the SEC. It was her office that reviewed Bernie Madoff’s business, not just once, but three times — 1999, 2004, and 2005, and found nothiiiiiiing! Even after Harry Markopoulos supplied them with all the evidence they need to close down Madoff, Richards’ office still ignored him. Markopoulos said the SEC’s attitude was they “could not be bothered because they had higher priorities”. Richards said she was leaving to “take on new challenges”.
My View
To “take on new challenges” — well, it won’t be Madoff that gives her any new challenges, but I imagine there are plenty others out there in the financial world that “owe” her what every “challenge” she is looking for. It will be very interesting to know where she lands — that is, if anyone keeps up with her. But I imagine that will be kept as quite as possible.
We already know of several Madoff accomplices’ that were directly involved. But those in our government that knowingly turned a blind eye will never be named as an accomplice, but should be. They were an accessory during & after the facts, and are no different than the driver of the get-a-way car for bank robbers. But while the robbers split their take with the driver, our elected and appointed officials get their rewards after government service.
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