"Harry Markopolos, a derivatives expert who spent nine years urging the SEC to investigate Mr Madoff, will say that, through their "investigative ineptitude and financial illiteracy" SEC securities lawyers effectively colluded to allow schemes like Mr Madoff's to continue."
Among the "shockers" that he reveals:
!!! Madoff didn’t act alone. !!! Money from the mob was involved; drug cartels too. !!! Other people knew about it and participated anyway.
!!! The SEC is shockingly inept and is a regulatory agency in capture by those it is supposed to regulate. capture. deep capture. very deep capture.
So, have Wall Street and the SEC formed an Iron Triangle with Congress, a conspiracy whose sole purpose is rent-seeking rather than productive wealth-creating economic activity? We report; you decide.