Ron Paul on Madoff and the SEC

Madoff would be a perfect candidate to run Social Security

Madoff ponzi scheme = pay returns to past investors with current investors' money

Social Security ponzi scheme = pay returns to past contributors with current contributors' money


If we're real lucky, we'll call the position "Social Security Czar" in accordance with our government's continuing obsession with Soviet Russia.

SEC's Chris Cox to those who lost billions due to ponzi scheme: My bad.

"I am gravely concerned by the apparent multiple failures over at least a decade to thoroughly investigate these allegations or at any point to seek formal authority to pursue them," said commission Chairman Christopher Cox in a written statement.

That's all you'll get from Chris Cox and the SEC, who turned a blind eye time and time again when warned about Bernard Madoff, who allegedly ran a ponzi scheme that swindled billions from institutions all over the world.

It seems that a pattern is forming in regards to Mr. Cox and the SEC, who also chose to ignore many red flags signaling the current financial crisis. The fact that Mr. Cox is owning up to any failure at all by the SEC is a huge victory. The default "pass the buck" response would have been more than appropriate here.

Not surprisingly, those duped by Madoff are looking for restitution, and it isn't hard to guess where they are expecting the money to come from; the world's insurance provider: the Federal government. Yet again, the taxpayer will ultimately bear the burden of Madoff's corruption.

Chris Cox has been criticized heavily over "mark to market" accounting procedures that have allowed investment firms and brokers to hide billions of liabilities off their balances sheets, thus leaving investors completely in the dark about the real value of the firms. He has also been criticized over short selling deregulation that, in effect, allows large firms to swing the entire stock market up or down several hundred points in a given day.

My question is this: how does this guy still have a job?