The SEC needs more resources to protect investors. It’s grossly undercapitalized and it doesn’t have money to hire the right people. Basically it’s a training ground, by the time people are qualified they leave and work for private firms.
They didn’t catch me because the whistleblower, Harry Markopolos, was leading them down the wrong alley. He was an idiot.
— Infamous Ponzi schemer Bernie Madoff, offering his thoughts on why the Securities and Exchange Commission is unable to effectively police financial markets, during a two-hour long interview with the WSJ’s MarketWatch.