Breaking: Water is wet. SEC IG: agency never did competent probe of Madoff

[Horse with no Name]

:eyes:
I'm shocked I tell you, SHOCKED! Of course, I am quite sure nothing will be done about it, but I am shocked nonetheless. :rofl:
http://news.yahoo.com/s/ap/20090902/ap_on_bi_ge/us_sec_madoff_scandal
>>>>snip
WASHINGTON – The watchdog of the Securities and Exchange Commission has found that the agency consistently mishandled its investigations of Bernard Madoff's business, despite ample warnings of the multibillion-dollar fraud.

But SEC inspector general David Kotz's report found no evidence of any improper ties between agency officials and Madoff.

Despite speculation that senior SEC officials may have tried to influence the probes, a summary of Kotz's report released Wednesday also found no evidence of that.

The SEC enforcement staff, conducting investigations of Madoff's business, "almost immediately caught (him) in lies and misrepresentations, but failed to follow up on inconsistencies" and rejected whistleblowers' offers to provide additional evidence, the report says.

[Warpy]

1. Sorry, Mr. Kotz, but that level of incompetence at your agency

smacks of collusion. At the very least, you need to investigate who told them to lay off.

[DCKit]

2. Seriously. No thought of looking into those folks who were making a solid 15%/year off Bernie?

You say collusion, I say conspiracy.