Bernie Madoff swindled an estimated $50 billion from investors in his hedge fund, and in March 2009, pleaded guilty to securities fraud. He was sentenced to 150 years in jail. But if the Securities and Exchange Commission (SEC), which is charged with regulating the securities business, had been doing its job, Madoff could have been stopped years earlier. In a scathing report issued last week, the SEC's inspector general, H. David Kotz, summarized six substantial complaints that the agency received about Madoff dating back as far as 1992. The SEC conducted two investigations and three examinations into the complaints, and never identified Madoff's Ponzi scheme. The good news is that Kotz …
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