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No, they're not. Should have been quite clear when Madoff ran a 20 billion USD ponzi for multiple decades and he got caught because his own sons turned him in
by bboygravity 2y ago
No, they're not.
Should have been quite clear when Madoff ran a 20 billion USD ponzi for multiple decades and he got caught because his own sons turned him in at the FBI.
The SEC was not involved in Madoff at all (other than to make it worse my "auditing" Madoff multiple times and publishing that "all is fine nothing to see here").
The SEC is a government marketing agency to keep up the veil of US markets being fair and functional.
- Hnrobert42 2y agoThey can be incompetent without being bad. It is a mistake to assume nefarious intent.
- WrongAssumption 2y agoYou don’t have to be nefarious to be bad. Being incompetent definitely makes an federal agency with powers of enforcement bad.
- tbrownaw 2y ago"Bad" can also apply to results or execution (performance, in/competence), not just intent.