Mismanaged Resources to Blame for Undetected Madoff
Fred Lipman recently spoke with MarketWatch regarding Bernie Madoff’s evasion of the SEC. Some say that the SEC is more geared up to find the small crimes as opposed to the large ones, yet Madoff went undetected even after a couple red flags were raised.
"The SEC clearly has limited resources," said Mr. Lipman. "But they don't properly allocate and prioritize their resources.
"How many resources does it want to devote to rulemaking, technical interpretations, and how much does it want to put into finding into Ponzi schemes, Enrons and WorldComs?" Mr. Lipman asked.
"The Evil Genius of 'The Smirk" by David Weidner appeared on Market Watch on January 15, 2009. For more information, please visit www.marketwatch.com.