The Madoff investigation plot thickens
So now it turns out that Markopolos was not alone; there was an another attempted whistleblower, this time within the SEC itself. But apparently she was ignored, as well.
The New Neo
A blog about political change, among other things
That leaves us with: a) the SEC is incompetent, b) someone ran interference for Bernie.
No one in politics would ever use their position to influence anyone, would they? Excepting Inouye, of course.
Someone, indeed! That person was Bernie’s current nephew-in-law, Eric Swanson. Swanson was Assistant Director of Compliance and Examinations at the SEC. He worked there for 10 years.
Coincidentally, Shana Madoff was the chief compliance officer at Bernie Madoff’s company (her father owned only 5% of the company).
Eric Swanson was dating Shana Madoff for several years while working at the SEC. He left the SEC shortly before he married Ms. Madoff.
I have read that Mr. Swanson headed an investigation into Madoff’s firm — obviously it went nowhere. Full disclosure: same article says Swanson’s relationship w/ Shana began years after he supervised said inquiry.
Gee, after 10 yrs. on the job at SEC and serving as Asst. Director of Compliance, ya think he might have had any connections or influence that might have helped out the Madoffs??? What are the chances.
By the way, Neo-, thanks for your note the other day in comments re: your Madoff post. I wrote a reply, but before I could submit, it disappeared into “Never Never Net” (somewhere in Never Never Land…?) and I just didn’t have energy to rewrite. Much of it was in agreement with your comment. Additionally, I mentioned how much it galls me that on sentencing day, I certainly understand and agree with statements from victims (if I had known I could have made a statement, I surely would have on behalf of my soon to be 87-yr. old father). However I was galled when there was not one mention of the chilling effect Madoff’s crimes had on countless charities: medical research grants, private hospital support, tons of scholarships and endowments and chairs at educational institutions, community not-for-profits that serve local and extended communities, and on and on and on. Bernie managed to screw over quite a philanthropic lot, and in so doing, potentially made every one in the country a loser in some way. May not have changed the sentence, but for all those enjoying the schaudenfreude from seeing those whom they consider “rich” lose all their money, the damage wreaked by Bernie Madoff extended far beyond the direct victims. For that matter, there have been two suicides resulting directly as a result of what Madoff did. Now maybe I watch too much Law and Order, but I think there’s a potential case for murder….Sam McCoy would definitely think so!
Bernie may have a sentence of 150 years, and he may be 71 years old, but from now on, whenever I raise a toast, you can be sure it’s going to include: “….and may Bernie Madoff live to be 100!”