Tuesday, December 23, 2008

Why Did Madoff and Family Feel So Safe?

He obviously knew he did something wrong, and his family was obviously in it up to their eyeballs. What made them think they were covered to remain in the US, indefinitely? Surely, people of such means could have fled prosecution with much wealth in various accounts. It's not like nobody knows how to disappear anymore and people don't have emergency plans? I guess a Wall Street hedge fund manager has more DC friends on the payroll.

How could SEC Chairman Chris Cox just miss the two largest finacial scams in world history, mortgage derivatives scam and Madoff. He didn't. That's the answer. It makes much more sense that Cox and other "regulators" were in on it and think they have enough cover and protection not to get caught up in it. Nobody's that incompetent and naive at that level of politics.

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